Capitalists Panic: Bank Runs and the Downfall of Plutocratic Austerity

[cyu]

http://www.bloomberg.com/news/2012-05-15/greek-president-told-banks-anxious-as-deposits-pulled.html

Greeks have withdrawn as much as 700 million euros ($891 million)

The risk of a run on Greek banks is “a very serious problem,” Yannis Ioannides told Bloomberg

new elections as early as June 10. Opinion polls suggest the Syriza party, which opposes the austerity measures pledged by Greece as part of an international bailout, may come in first place.

[cyu]

There Goes All the Paper Rectangles

http://blogs.ft.com/brusselsblog/2012/05/the-slow-motion-run-on-greeces-banks/

a full-scale bank run would force the European Central Bank to either pump in more money or pull the plug on Greece’s financial sector.

the International Monetary Fund makes it clear that a slow-motion bank run has been under way for more than two years, with close to 30 per cent of deposits being pulled out since the end of 2009.

The IMF report is already a bit out of date, since it was published two months ago. It reported that since the start of 2012, banks had lost 6.4 per cent of their deposits