Deposits up by 5 bln euros

Cash has been flowing back into Greek banks at a steady pace since the June 17 elections, and bank officials say that of total of no less than 5 billion euros has returned to the country?s credit system in the last couple of weeks, in a full reversal of the trend observed ahead of the national polls.

This has more than offset the withdrawal of between 4 and 5 billion euros in the first two weeks of June, after an 8.5-billion-euro drop in deposits in May, the worst monthly performance in decades.

Bank of Greece data showed a deposit balance of 157.44 billion euros at the end of May, down from 165.95 billion at end-April.

Bank officials insist that some 20 billion euros are still stashed away in safe deposit boxes, mattresses and storage rooms in homes.