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

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 ($US6.14 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:

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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