Greek crisis: €8bn withdrawn from Greek banks by savers, Moody's reckons

Emma Haslett
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Pensioners stand outside a branch of Bank of Greece hoping to withdraw their pensions (Source: Getty)

It looks like those capital controls came in the nick of time: new analysis from credit ratings giant Moody's has suggested Greek savers withdrew €8bn (£7.1bn) over the past two weeks. To put that into context, that's more than the €7bn of funds creditors have been arguing over.

The note from Moody's suggested deposits fell to €120, that's €44bn down on November's figure.

Although banks were closed today, there have been reports of people lining up in front of cash machines in the country. The Bank of Greece finally bowed to pressure yesterday, imposing capital controls which limit Greeks to withdrawing €60 a day.

Not surprisingly, Moody's suggested default is the most likely option for the country, which is due to make a €1.6bn payment to the International Monetary Fund (IMF) by tomorrow.

Looking ahead, it remains uncertain how the Greek government will meet its forthcoming debt obligations. In addition to the repayment to the IMF at the end of June, payments are due to the European Central Bank (ECB) of a total €6.7 billion in July and August.

The first payment to the ECB is for €3.5 billion on 20 July. Private-sector bond holders have repayments and interest payments of approximately €400 million through the rest of the year.

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