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kevinan108

Rattled Greeks not alone in massive bank savings exodus | Economy | News | Financial Post - 0 views

business.financialpost.com/...in-massive-bank-savings-exodus

bank EuropeanCrisis Greece runonbanks deposits

shared by kevinan108 on 18 May 12 - No Cached
  • Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at least 700 million euros on Monday alone, according to minutes of Papoulias’s comments to political leaders posted on the presidency’s website.
  • Greece’s banks have lost 72 billion euros in deposits since the start of 2010, or about 30%, according to data compiled by Thomson Reuters.
  • And on Thursday, Spain’s Bankia was reported to have seen more than 1 billion euros drained by its customers in the past week.
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  • Cash flooded into Britain; more than 140 billion euros was deposited in four big banks alone. The UK benefits from its position outside the eurozone and its Asia-focused banks HSBC and Standard Chartered are seen as particular safe-havens. Other banks to see big inflows included Barclays, Germany’s Deutsche Bank, Switzerland’s Credit Suisse and UBS and Russia’s Sberbank and VTB.
kevinan108

Spain banking sector shaken by report of bank run | CanadianBusiness.com - 0 views

www.canadianbusiness.com/...r-shaken-by-report-of-bank-run

Spain EuropeanCrisis banks banking nationalization runonbanks

shared by kevinan108 on 17 May 12 - No Cached
  • Confidence in Spain's banks and its teetering economy was shaken Thursday after a newspaper reported that depositors were rushing to withdraw their money from Bankia, a troubled bank that was effectively nationalized just one week ago.
  • Adding to the anxiety, rating agency Moody's downgraded its credit ratings on Spanish banks.
  • Political turmoil in Greece has increased the likelihood that it could leave the 17-country monetary union, a move that could have ripple effects throughout Europe and the world's financial markets.
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  • Bankia SA, the country's fourth-largest lender, saw its shares fall as much as 27 percent during trading in Madrid after the El Mundo newspaper reported the bank was hit with more than €1 billion ($1.27 billion) of withdrawals since the government announced the takeover.
  • Greek president Karolos Papoulias warned party leaders during unsuccessful coalition talks that about €700 million ($898 million) in deposits have flown out of Greek banks since the May 6 elections, according to a report from Greece's central bank governor, George Provopoulos
  • the interest rate on Spanish 10-year bonds stood at a worryingly high 6.29 percent. It has risen sharply from below 5 percent in March and is edging toward the 7 percent mark that is considered unsustainable in the longer term.
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