Deposits fall despite controls

Household and business deposits fell by 1.4 billion euros in July despite capital controls, according to data from the Bank of Greece. The decrease is attributed to the reaction of nervous depositors.

The daily 60-euro limit translated to 1,800 euros a month, an amount that would normally have been left in the bank. Uncertainty spurred many to withdraw all they could and stash it at home for emergencies.

Businesses behaved similarly. The data shows that corporate deposits decreased by 158.3 million euros in July. The only deposits made were those of large enterprises that could not safely store their cash outside a bank.