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FINANCIAL NEWS

Greek banks continue to see return of deposits after election

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Greek banks have seen the return of up to 8 billion euros in deposits since the conservative-led coalition assumed power after the June election, the countrys deputy finance minister said on Wednesday.

According to Reuters, Greeks withdrew large sums of money in the days leading up to the June 17 election amid fears of a return to the drachma if radical leftists opposed to Greeces international bailout won.

"About 7-8 billion euros of deposits have returned to Greek banks since this government took over," Deputy Finance Minister Christos Staikouras told a parliamentary committee.

Bankers had estimated that before the June election up to 800 million euros were leaving major Greek banks daily. Much of the withdrawals had been stashed away at home or in safe deposit boxes.

Days after the vote in June, Finance Minister Yannis Stournaras said that total inflows back to the banks after the election had already touched 2 billion euros.
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