So ECB pumps 60bn euro monthly while Greeks…


“Withdrawals from Greek banks exceeded 14 billion euros ($15.9 billion) in the run-up to the snap elections that catapulted the anti-bailout Syriza party to power, including 11 billion euros that were taken out in January, the person said. Between Jan. 19 and Jan. 23 outflows were greater than in May 2012, when Greece was on the brink of exiting the euro area.” reports Bloomber.com

here:

http://www.bloomberg.com/news/articles/2015-01-28/greek-bank-deposit-flight-said-to-accelerate-to-record

But the money cannot return so fast back to Greece because, as Reuters explains http://www.reuters.com/article/2015/01/23/markets-bonds-euro-idUSL6N0V20QO20150123:

Also limiting the QE impact on Greece is the limit the ECB imposed on purchases, which is 33 percent of a country’s bond issuance. The ECB already holds a large amount of Greek bonds, so it will not be able to buy new ones until June when some of them expire – and even then only if Athens is in a new bailout programme.”

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About bzik2

A beginning central banker with a twist
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