Thursday, July 16, 2015

Mario Draghi: ECB is Greece's biggest depositor

There's real power, and then there's just power
Seen here this morning:

"We now have a total exposure of €130bn to Greece, that makes us the biggest depositor."

That's actually more than was on deposit at the end of May: 129.9 billion EUR. Deposits are down 108 billion EUR since September 2009, about 45%, squirreled away in other banks outside Greece, and under mattresses at home, which makes it a little risky to leave, say to protest in the streets. Europe has played Greece like a fiddle.