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Monday, April 27, 2015

Greek Bank Run Continues

According to Bloomberg Greek households and companies withdrew almost 1.3 billion euros in savings from Greek banks last week.

Unsurprisingly the Greek government is beginning to "fret" about the situation (albeit two months too late). Bild reported today that Tsipras asked Merkel to convene an emergency European Union leaders’ summit. Needless to say a Greek government spokesman denied the report.

I dare say that the denial is based on the fact that Merkel refused. Quite rightly so, as she has repeatedly told Tsipras that the decision for providing finance to Greece is not in her gift, but in the hands of the Troika.

Tsipras's attempts to short circuit the Troika simply serve to further isolate the country from its European "partners".

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