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Greek banks struggling to hold onto deposits

Greek banks struggling to hold onto deposits

(3 June 2015 – Greece) Greek bank deposits are at the lowest level in more than a decade following fears over the country’s debt burden and talks it may exit from the euro.

In April, deposits stood at €139.4 billion (A$199.4 billion), down 3.9 percent from March, according to figures from the European Central Bank.

The data includes all deposits by companies and households in Greece.

In the past four months the Greek government has been locked in negotiations with the European Union and the International Monetary Fund, over economic reforms they say must be implemented before the latest €7.2 billion tranche of the country's bailout fund is released.

Due to these negotiations, Greek banks have struggled to hold on to deposits, with falling reserves prompting calls for capital controls by some.

On 5 June Greece must make a payment of €1.5 billion to the IMF, there has already been some indication it may not make the payment.

If Greece cannot come to a deal with its eurozone partners it is likely to default on its loans and would look at leaving the euro currency.

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