Greek bank deposits dropped for 8th month in a row in May

Greek bank deposits dropped for the eighth month in a row in May although at a slower pace than in the previous month, bringing deposit balances to their lowest level since May 2004, central bank data showed on Friday.

With savers continuing to worry over the standoff between Athens and its lenders on a cash-for-reforms deal to keep Greece afloat, business and household deposits dropped by 3.7 billion euros or 2.8 percent month-on-month to 129.9 billion euros.

However the May fall was slightly lower than the 4.9-billion-euro drop seen a month earlier, which brought deposit levels to 133.6 billion euros in April.

[Reuters]