The Greek Bank Run

Euros secretly airlifted to keep Greek banks afloat

We are told that the worst is over in Greece. They have even achieved a balance in their primary budget. Not bad considering the US federal budget deficit is almost $7 trillion when you consider the value of entitlement obligations accrued in 2012 (over $1 trillion based on current spending and revenue).

Many of us expected bank runs in Greece and a recent report confirms that billions of Euros were withdrawn from Greek banks. Approximately 1/3 of bank deposits were withdraw from banks increasing cash in circulation by 140% or nearly 300% more than the average economy.

HT: JO’D

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