Greece debt crisis: Bank run gains pace as default fears grow

SAVERS are clearing cash out of Greek banks as the prospect of total economic meltdown is just days away.

The broke country is on borrowed time before it goes bankrupt and is forced to exit the euro.

“People are taking more or less everything they have got out of their accounts for fear that the government will be dipping into them next,” a bank official told the Guardian.

But Greece has struggled to pay pensions, public sector wages and suppliers in recent weeks, which has sent alarm bells ringing through the country.

And fears increased last week when the Greek finance minister Yanis Varoufakis said that Athens has just two weeks remaining before it completely runs out of money.

Furthermore, a leaked memo over the weekend confirmed that Greece’s most recent loan repayment has in effect cleaned out the last of its available cash.

It’s now certain that Athens will not be able to make its next €1.5billion repayment to the International Monetary Fund (IMF) on June 5 without cash from euro creditors.

At the same time it has to find the money to pay pension and wage bills.

Full article: Greece debt crisis: Bank run gains pace as default fears grow (Express)

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