ECONOMY

EU summit helps boost confidence in banks

The bank industry has breathed a sign of relief after the March 11 preliminary EU summit helped stem the outflow of deposits.

News from the summit that Greece will be given more time to repay a 110-billion-euro EU-IMF loan, at a cheaper rate, helped calm default fears and concerns about the health of the financial system, which had contributed to a run on bank deposits.

According to sources, Greek bank deposits fell by 1-1.5 billion euros in February after dropping by 4.1 billion in January.