JP Morgan: Outflows from Greek banks at 3 BN euro

The outflow of deposits from Greek banks last week amounted to about three billion euro, according to estimates by JP Morgan, before the agreement reached Friday at the Eurogroup meeting between finance ministers of the euro zone and Greece.

The 50 per cent increase in outflow – from two billion euro in the previous week – meant that Greek banks would be left without adequate reserves to issue new loans within eight weeks, instead of 14 as originally assessed.

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(Photo: M van den Dobbelsteen)