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The Greek Bank Run

March 3, 2013 in Economics

By Mark Thornton

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Many of us expected bank runs in Greece and a recent report confirms that billions of Euros were withdrawn from Greek banks.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.


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