Run On Greek Banks

Unsurprisingly, following the recent election which failed to produce a government, there has been a run on Greek banks.

Bloomberg reports that Greek President, Karolos Papoulias, has been told by the Greek Central Bank that at least Euro700M has been withdrawn by Greek citizens from Greek banks on Monday alone.

The situation may well worsen, posing a threat to the existence of the Greek banking system.

The only surprise here is that people were not withdrawing their funds before the election, or indeed last week after the results!