Quote:
[I]n the European Union, there is also a system of deposit insurance, but it?s a bit more complicated since every country has its own deposit insurance fund. In 2008, member countries agreed to insure up to 100,000 euros in deposits. The Hellenic Deposit Guarantee Fund is Greece?s version of the FDIC. While U.S. depositors would be paid very quickly, it could take up to three months for a depositor to be paid in Greece. Also, the Hellenic Deposit Guarantee Fund isn?t backed by an institution like the U.S. Treasury, which severely limits the fund?s ability to raise money quickly if depositors begin a run on the banks.
As of March 2012, banks in Greece had approximately 174 billion euros in deposits, and the deposit insurance fund had approximately 3 billion euros in it. Greece?s deposit insurance fund could borrow from other deposit insurance funds in the eurozone if it were to run low on money. But if depositors fear that their banks might fail or that Greece might drop the euro and use the drachma instead, then it?s unlikely that the deposit insurance fund would do much good. ...
https://blogs.wellsfargo.com/advanta...-run-but-mayb/
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3 billion euros as of March 2012. What do you think the deposit insurance reserves are in Greece today? Greek banks may be out of cash euros within a week or two of reopening. Why do you think there has been placed a ban on foreign payments? Greeks moving euros to other more stable eurozone banks ... The banks would not be able to honor the drafts to the payment (deposit) receiving banks.
The Greek banks are up shit's creek without a paddle
