Deposits at Greek banks head back up in February

Deposits at Greek banks posted another significant increase in February, growing by some 3 billion euros, according to bank official estimates, and approaching 164 billion euros. A considerable part of the inflow, amounting to some 500 million, concerns transfers from Cypriot banks to Greek ones.

The rebound of deposits after the small decline registered in January reflects the economy’s improving liquidity conditions. Deposits had added up to just 150.5 billion last June, on the eve of the general election that led to the formation of the coalition government. Since then more than 13 billion euros has entered local accounts on the certainty that Greece no longer runs the risk of a eurozone exit.

In November 2012 the total amount of deposits had come to 155.8 billion euros, rising to 161.4 billion in December and slipping to 160.9 billion in January 2013.

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