ECONOMY

Greek bank deposits drop 0.5 pct in October

Greek bank deposits drop 0.5 pct in October

Greek bank deposits fell slightly in October, data released by the country's central bank showed on Thursday.

Business and household deposits dropped by 590 million euros or 0.5 percent month-on-month to 121.08 billion euros ($129.1 billion), to their lowest level since March 2003.

They had risen slightly to 121.67 billion euros in September, up for the second month in a row after a 10-month decline.

Greece saw a 42 billion euro deposit outflow from December to July. Capital controls the country imposed on June 28 helped contained the flight, which sharply increased Greek banks' dependence on emergency liquidity assistance (ELA) from the Bank of Greece.

[Reuters]

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