Believe nothing

Wednesday, 01 June 2011 09:46

‘Greece’s banks are being hammered by a run on their reserves, leaving the country’s main lenders increasingly reliant on the European Central Bank for funding.

The latest figures from the Bank of Greece paint a grim picture, with foreign lenders and individuals withdrawing funds from Greek banks at an alarming rate. Simon Ward, chief economist at fund manager Henderson, likened the situation to Britain’s Northern Rock, which was eventually nationalised to save it from collapse.’

Read more: Fears Grow Over Greece Bank Run as Country Seeks Bail-out