REUTERS: …Greeks are withdrawing euros afraid of the prospect of rapid devaluation if the country leaves the single currency, minutes of President Karolos Papoulias’s meetings with political leaders showed. Greece’s warring parties have refused to form a viable coalition, triggering new elections that could strengthen the hand of opponents of Greece’s EU bailout.
Central bank head George Provopoulos said savers withdrew at least 700 million euros ($894 million) on Monday, the president told party chiefs. “Mr Provopoulos told me there was no panic, but there was great fear that could develop into a panic,” the minutes quoted the president as saying.
“Withdrawals and outflows by 4:00 pm when I called him exceeded 600 million euros and reached 700 million euros,” he said. “He expects total outflows of about 800 million euros, including conversions in German Bunds and other such things.” … (more)
EDITOR: This will likely force Greece off the Euros, perhaps in days if the run on banks continue. Hopefully the printing presses are printing drachmas at full speed.
