Greeks Withdrew $898 Million On Monday As Election Fears Loom
Greece is about to undergo a fresh set of elections after coalition talks failed and citizens in the country are not feeling very cheery about the entire situation. According to reports Greece’s banking institutions watched as $898 million was withdrawn from their institutions on Monday.
Economists are now warning that a full-blown run on the country’s banks count lead to complete collapse.
The large number of cash withdrawals began occurring as depositors feared that Greece would exit the eurozone which in turn could potentially put their savings at risk.
Europeans officials in the meantime fear that Greece’s vote next month will bring about an “anti-bailout government” which would push them out of the Eurozone. However European Council President Herman Van Rompuy spoke on the situation and told the BBC the chance of Greece leaving the eurozone is slim:
“We’re not planning for a Greek exit, nobody is planning for a Greek exit. That would not help Greece, it would not help the rest of the European Union, and technically, by the way, it’s an extraordinarily difficult thing to do. The idea of planning a Greek exit would risk being a self-fulfilling prophecy.”
In the meantime party leaders in Greece were meeting on Wednesday to setup a caretaker government so the country can continue to operate and hold talks through its June election.
Officials in Greece have not provided any plans that might help stop or slow a full run on the banks should one occur as the country’s election cycle draws closer.