People have been pulling money from Greek banks since 2009. And in the run up to the elections this past weekend, Greek deposit outflows gathered steam.
Some of this deposit flight has been attributed to companies withdrawing their money. Some has been funneled abroad by Greeks, some are dipping into their savings out of desperation, while some households are just hoarding their cash.
This chart from Jefferies’ Sean Darby shows that Greece has lost just under half of its deposits since 2009:
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