The slow motion bank run in Greece has accelerated, but at 0.75 per cent of deposits a day remains far from Britain’s Northern Rock, which lost 5 per cent of deposits in a day.
Investors worry that those withdrawing cash are right: if Greece leaves the euro they will avoid drachmageddon. But investors’ real fear is not about Greek savers; it is that a Greek exit will start bank runs across the eurozone periphery, putting the global economy at risk.
It is too late to protect against a “Grexit” cheaply. Eurozone bank shares are already at euro-era lows, and Greek shares were last at this level in February 1990.
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