Financial investor Mike “Mish” Shedlock pointed out in a recent column that there has been an incredible surge of withdrawals from Greek banks in recent months.
In November, there was roughly €220 million withdrawals from Greek banks, but in December that number jumped all the way up to €3 billion.
Greeks are depositing much less money in the bank as well. Deposits in Greek banks have dropped by 37% since 2010.
This week, Gikas Hardouvelis, Greece’s finance minister, said in a statement that there was a “small chance” of a bank run, but did not rule out the possibility altogether.
“The probability of a bank run is very small; the public understands that deposits are safe,” he said.
Greece has been teetering on the brink of economic default following a massive banker bailout from the EU and subsequent privatization of most of the country’s infrastructure following the monetary crisis a few years ago.
View the chart below to see the dramatic drop in deposits experienced in recent years:
John Vibes is an author, researcher and investigative journalist who takes a special interest in the counter culture and the drug war. In addition to his writing and activist work he is also the owner of a successful music promotion company. In 2013, he became one of the organizers of the Free Your Mind Conference, which features top caliber speakers and whistle-blowers from all over the world. You can contact him and stay connected to his work at his Facebook page. You can find his 65 chapter Book entitled “Alchemy of the Timeless Renaissance” at bookpatch.com.