A quiet run on Greek banks spells more trouble for euro zone

For obvious reasons, the Greek government is not making any announcements about what appears to be a run on banks and the potential pull out of foreign companies if Greece leaves the euro. Greeks are already voting in advance of the election this Sunday. They are voting with their deposits. Wall Street Journal: A senior banker at a large Greek lender said between €600 million ($754 million) and €900 million has left the banking system daily over the past few days, a number he expects to increase leading up to the vote. Other people familiar with the banking system confirmed the estimates. [...] Crédit Agricole's contingency plans for Emporiki Bank of Greece SA, Greece's sixth-largest bank, add to the bleak landscape, even after two multibillion euro bailouts extended by European Union countries and the International Monetary Fund. The banking sector is reeling from rising bad loans as the economy-now in its fifth year of recession-nose dives and fears over an eventual...(Read Full Post)