Greek deposits steady in March, central bank says

Greek business and household bank deposits were steady in March despite worries the Cypriot banking crisis would lead to outflows in other indebted southern European economies, central bank data showed on Friday.

Bank of Greece data showed deposits slightly rose to 164.08 billion euros at the end of March from 164.02 billion euros at the end of February.

Greek banks lost about a third of their deposits after the country’s debt crisis erupted in late 2009, partly due to capital flight on fears of a euro zone exit.

More than 17 billion euros have returned to Greece since mid-June last year when the election of a pro-bailout government eased fears Greece would leave the euro zone.

The inflow is a fraction of the 90 billion that fled during the debt crisis but helps to ease Greek banks’ liquidity strains.


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