Breaking: the Greek bankrun has begun! Greek Depositors Withdrew $898 Million From Banks Monday

This just came in thanks to an attentive reader! Remember if Greece goes so does the rest of the financial world!

ATHENS—Greek depositors withdrew €700 million ($898 million) from local banks Monday, the country’s president said, as he warned that the situation facing Greece’s lenders was very difficult.

In a transcript of remarks by President Karolos Papoulias to Greek political leaders that was released Tuesday, Mr. Papoulias said that withdrawals plus buy orders received by Greek banks for German bunds totalled some 800 million.

Citing a conversation he had with Greek Central Bank Governor George Provopoulos, Mr. Papoulias said “that the strength of banks is very weak right now.”

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