On only two months of the year, the Greeks withdrew from their bank accounts around 4.5% of the total money in the country's banking system, according to the Central Bank of Greece.
The four largest Greek banks – National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank – bemoan the evaporation of about 10 billion euros of bank deposits, and implore the government to help, the Financial Times in its Thursday edition.
George Papaconstantinou, the finance minister said Wednesday that all banks had asked for the remaining 28 billion euros of financial support plan provided by the state banks at the height of the crisis in 2008.
Yields never achieved
These calls for help comes as Greek interest rates hitting record highs this week.Wednesday afternoon, the yield (rate) of the Greek requirement to 10 years reached 7.176%. Greek and yields move away from the benchmark, the German Bund, the gap between the two are digging more than 400 basis points (4 points).
Markets reacted to the ruling of Athens, that the measures proposed by the IMF are too severe. "This is one reason, but there are others, as investors are forced to sell because interest rates are now too high," said Jean-Francois Robin, an analyst at Natixis bad credit payday loans .
Some are forced to unwind their positions in part because of the Basel II regulations."The number of potential investors has reduced and the purchase is," said Ciaran O'Hagan, of Societe Generale.
The National Bank of Greece will be "heavily impacted"
As a market leader in deposits, the National Bank of Greece "could be greatly impacted by the movement of outflows affecting Greece since the early beginning of the year," noted analysts at Natixis in a note published Thursday morning, which degrades the value to "ease" cons "before buying" and lowers its price target from 19 to 15 euros.
According to the broker, bank, however, is "the best equipped to deal with the crisis with a Greek core tier 1 ratio (reserve ratio) by 9.4%, and high exposure to Turkey, whose performance in 2010 should offset the slowdown in Greece.
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