Firms and consumers continued to pull their money out of Greek banks at a rapid rate in February, European Central Bank data showed on Wednesday, underscoring the lack of trust the country’s banking system faces.
Private sector deposits in banks fell by 2.7 percent in February after a near 3 percent drop in January, with the total falling to 170.1bn euros, the lowest level since October 2006.
Private-sector deposits in Portugal and other countries in the middle of the debt crisis fared much better, with the figures roughly flat in Portugal and Spain, dropping less than 1 percent in Ireland and rising more than 1 percent in Italy.
With the exception of Portugal, there has been a steady decline in the amount of money parked in banks in all peripheral countries in the last year.
It would appear that the collapse of these economies is due to the Cartel Capitalist “Private Sector” withdrawals from the banks of Greece, Portugal, Spain and other “peripheral” European countries — whatever that means. To call any nation or people “peripheral” is to label, marginalize, dehumanize and discard them.
Who does “austerity” hurt? People.
Who does “austerity” help? Obscene For-Profit Cartel Capitalist Corporate “persons”, billionaires, financial psychopaths and sociopaths, Banksters…