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A young boy waits as his father withdraws money at an Alpha Banck branch ATM in central Athens.
Reuters/Christian Hartmann
A very routine transaction in Greece these days.
GOING TO THE MATTRESSES

The dramatic draining of Greek bank deposits continued in earnest last month

Greek bank deposits sank to €127.5 billion ($140.7 billion) in June, making for the driest coffers since 2003, according to the European Central Bank (section 2.2.3).

The €8 billion ($8.8 billion) drop from May translates to a 6% decline for the month. It also marks the latest in a 10-month string of net withdrawals, the longest such streak since 2011, which started just before the Syriza party came to power in the country. (Add it to the pile of Greek financial misery trends.)

All those withdrawals left Greek banks pretty shaky, so the ECB has been pumping them with money from an emergency fund to keep things stable. That facility has swollen to almost €140 billion (150.8 billion), the biggest it’s been since the tail end of the last European banking crisis, which was more widespread.

After the government’s failed bid to prevent further austerity brought Greece to the economic brink—complete with capital controls and government plots to both seize the banking sector and create a shadow banking system if the country got kicked out the euro—it’s understandable that the Greek people might prefer cash right now.

Quartz’s full coverage of Greece’s debt crisis can be found here.

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