ECONOMY

Greek household deposits in banks keep shrinking

Household deposits in banks continued to shrink in September, dropping by 970 million euros from August, Bank of Greece data showed yesterday. The total amount of Greek household deposits came to 176.5 billion euros. Savings accounts saw their balance shrink by 1.6 billion euros, with about 446 million of that being transferred to time deposits. The rest has gone toward covering the daily or other needs of households, given the financial crisis that has had a significant impact on the average Greek. Since the start of the year, Greek household deposits have shrunk by 20.3 billion euros. However, deposits by enterprises expanded by 775 million euros in September compared to the month before. Total corporate deposits added up to 36.3 billion euros, from 35.5 billion in August. From the start of the year, the cash flow of Greek companies has declined by 4.8 billion euros.