There will be an election in Greece. More than € 10 billion has flooded out of Greek banks in the past two months as savers scramble to safeguard their cash before today’s crucial election.
Syriza is expected to emerge as the largest single party. The anti-austerity group is more than six points ahead in the latest polls, intensifying fears that Greece could default on its debts and be forced to abandon the euro.
The pace of withdrawals has more than doubled. In December, depositors withdrew €3bn; so far this month €7bn has been taken out. The European Central Bank (ECB) has told Greece’s four largest banks to provide updates on their capital positions every evening, according to a Greek bank adviser.