ECB not sure if Greek banks will open Monday as outflows hit 2 billion euros in just three days

LUXEMBOURG — The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks, which have been suffering large daily deposit outflows, would be able to open on Monday, officials with knowledge of the talks said.

Greek savers have withdrawn about 2 billion euros from banks over the past three days, with outflows accelerating rapidly since talks between the government and its creditors collapsed at the weekend, banking sources told Reuters.

The 2 billion euros taken out between Monday and Wednesday represent about 1.5 percent of total household and corporate deposits of 133.6 billion euros held by Greek banks as of end-April. Prior to this week, withdrawals had been running at 200-300 million euros a day.

Two officials said that during the meeting, Eurogroup chairman Jeroen Dijsselbloem asked ECB Executive Board member Benoit Coeure if Greek banks would be able to open tomorrow.

Coeure answered: “Tomorrow, yes. Monday, I don’t know.”

Full article: ECB not sure if Greek banks will open Monday as outflows hit 2 billion euros in just three days (Financial Post)

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