Jun
21
JPMorgan: Greece’s Financial System Just Had a Terrible Week
ByOutflows appear to be accelerating
Failure to reach an agreement between Greek and European Union leaders last week spelled bad news for the banking system of the Hellenic Republic. Talk of capital controls is heating up, and with it the amount of money being pulled from Greece appears to be accelerating.
JPMorgan analysts led by Nikolaos Panigirtzoglou estimate that Greek banks lost about 6 billion euros in the week ending June 19. That takes total deposit outflows from Greece to about 44 billion euros since the beginning of the year. The analysts use Greeks’ purchases of offshore money market funds as a proxy to generate early estimates of those numbers…
JPMorgan: Greece’s Financial System Just Had a Terrible Week
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