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Tuesday, October 25, 2011 12:29 PM

Lines to Withdraw Deposits Queue Up as Run on the Banks starts in Greece

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With talk of 50% or 60% haircuts on Greek bonds, already mistrustful Greek citizens have queued up to pull deposits. Via Google Translate, The Bild reports Greeks Plunder their Accounts in Fear of Debt Cuts.

Monday morning, 7.40 clock in the district of Athens, "Agia Paraskevi". We, the BILD reporters are witnesses, of a queue in front of a branch of the "National Bank of Greece" right after the opening at 8:00.

"I come here to immediately pick up my pension € 300. Who knows what else happened today. My money is safe only when it is at home" said Pensioners Evagelos Dimitros age 73.

The head of an Athens bank branch told BILD: "More and more Greeks who still have some money come to get it from the bank. In my office there are a total of 5,000 customers, 2,500 of which either have their money transferred abroad or hoard it at home. If this continues, there will soon be no more money."
Mike "Mish" Shedlock
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