Forum Post: Greek Bank Run Hits Record: Unprecedented €6.8 Billion In Deposits Pulled From Greek Banks In October

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Greek Bank Run Hits Record: Unprecedented €6.8 Billion In Deposits Pulled From Greek Banks In October

http://www.zerohedge.com/news/greek-bank-run-hits-record-unprecedented-%E2%82%AC68-billion-deposits-pulled-greek-banks-october

-12/13/2011-

While it is no surprise that Greek bank deposits are rapidly fleeing both the country's banking system, and the country, following September's record outflow of €5.5 billion... http://www.zerohedge.com/news/greek-bank-deposits-plunge-%E2%82%AC55-billion-september-biggest-monthly-drop-ever ...the situation just got far worse, after October data... http://www.bankofgreece.gr/Pages/en/Statistics/monetary/deposits.aspx ...reveals that a record €6.8 billion was taken out of corporate and household deposits in one month.

This is unprecedented 4% of all of the country's period end deposits of €176 billion at the end of October, and represents a €33 billion decline, or almost 20%, of the country's deposit base in 2011 which started with €210 billion in bank cash buffer, and is now down to €176 billion.

Furthermore, according to recent article in the German press, this number has supposedly ramped even more in recent months to double digit withdrawals, an event which means the Greek financial system is completely and totally finished. Because as history always shows there is no such thing as a bank run that gets fixed on its own. One thing is certain: November data, and then December, and so forth, will only be worse and worse and worse, until the whole country finally implodes....

(((Chart)))

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/12/Greek%20Deposits%20December.jpg

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Where Are We Now? A Comparative Timeline Approach

http://www.zerohedge.com/news/where-are-we-now-comparative-timeline-approach

-11/08/2011-

Let's assume that the statement "its never different this time" is there for a reason, and is fundamentally correct. In which case this time is just like some other previous time. Furthermore, considering that the underlying reasons for the Great Financial Crisis of 2007 never went away but merely saw their symptoms masked by trillions of dollars in monetary and fiscal stimulus, it is safe to say that what is currently happening in Europe, accompanied by financial failures in the US, is merely a continuation of that epic collapse that started all the way back in 2007 with the failure of New Century. And since history always rhymes, and all too often it is easy to ignore the big picture of the past, we would like to remind readers of precisely what the key events in the first great collapse were, transpose these to the present, and attempt to predict the future. The questions are: who is next, when, where and how. To help us with the answer, here is a brief history of two timelines...

Here is the compare & contrast courtesy of South of Wall Street:

http://www.zerohedge.com/news/where-are-we-now-comparative-timeline-approach