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Money is flooding out of Greek banks - and deposits just hit an 11 year low

Mike Bird   

Money is flooding out of Greek banks - and deposits just hit an 11 year low
Finance1 min read

Greek depositors are still pulling their money out of the country's banks at a rapid pace.

Data just out shows that €5.6 billion ($6.14 billion, £4.02 billion) left Greek banks during April. After a period of stability, the election of the new Syriza-led government and the current bailout negotiations have started the process again. Greece's banks have now lost more than €100 billion in deposits since early 2009.

Here's how it looks:

deposits Greek Banks

Bank of Greece, Business Insider

You've got to go all the way back to 2005 to get to the last time these levels were seen before. Though there was a modest improvement between the middle of 2012 (when the euro crisis started to cool down) and the end of 2014 (when new elections were announced), deposits are now in free-fall again.

The negotiations for a bailout deal are still ongoing, and they aren't looking very promising. It's going to take a lot for Greece to regain trust in its broken banking system.

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