Panic in Greece as bank withdrawls hit $900 million in one day

As talk of Greece exiting the euro picks up, Greek depositors have read the writing on the wall and believe their cash would be safer buried in the back yard or sewn into a mattress. Following the announcement yesterday that new elections will be held June 17 - and the likelihood that a radical socialist - Alexis Tsipras - would win, there was a $894 million run on Greek banks as panicked depositors are taking their money and running. MSNBC: Political leaders in Athens were due to discuss an emergency government Wednesday to deal with a possible run on banks as it emerged Greeks withdrew almost $900 million in a single day, fearing their country could crash out of the euro currency by the end of the week. An interim government would take the country through to new elections on June 17, triggered by the collapse on Tuesday of talks to form a coalition between winners of the inconclusive May 6 election. Greeks are withdrawing euros from banks, apparently afraid of the prospect of...(Read Full Post)