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Greek bank withdrawals increases risk of euro exit - May. 18, 2012 Greek bank deposit withdrawalsBank customers will still not be able to cash checks, only deposit them into their accounts. In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($84 CDN) but added a weekly limit. For example, a depositor who doesn't withdraw cash on Monday can withdraw 120 euros ($168) on Tuesday, and so on, up to 420 euros ($590) a week.
The ongoing crisis prompted an outflow of deposits of about 30 billion euros ($33.8 billion) from Greek lenders between October and April, the central bank says. Unlike mass withdrawals in 2012.
As a result, the Greek government was forced to immediately close Greek banks for almost 20 days and to implement controls on bank transfers from Greek banks to foreign banks, and limits on cash withdrawals (only €60 per day permitted), to avoid an uncontrolled bank run and a complete collapse of the Greek banking system. The capital controls remain enforced.
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