Greek Banks May Be 'Only Days' From Collapse

June 14, 2012 from Reuters

As Greeks prepare to vote for the second time this year, there is uncertainty about whether the resulting government will back the massive austerity measures necessary to secure the country's future in the Eurozone. This is fueling a massive run on deposits in Greek banks, which one expert warns means the nation's banks may not survive the weekend.

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Greek general election, 2012

A legislative election was held on Sunday 6 May 2012 in Greece, to elect all 300 members to the Hellenic Parliament. Under the constitution, it was due to be held in late 2013, four years after the previous election; however, an early election was agreed under the November 201... Explore this topic

Greece

Greece, officially the Hellenic Republic, is a country in Southeast Europe. According to the 2011 census, Greece's population is around 11 million. Athens is the nation's capital and largest city, its urban area also including Piraeus. Greece is strategically located at the cr... Explore this topic

Greek government-debt crisis

The Greek government-debt crisis is one of a number of current European sovereign-debt crises and is believed to have been caused by a combination of structural weaknesses of the Greek economy coupled with the incomplete economic, tax and banking unification of the European Mo... Explore this topic

Bank run

A bank run occurs in a fractional reserve banking system when a large number of customers withdraw their deposits from a financial institution at the same time and either demand cash or transfer those funds into government bonds or precious metals or a safer institution becaus... Explore this topic

European sovereign debt crisis

The European sovereign debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. In 1992, members of the European Union signed th... Explore this topic

Austerity

In economics, austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies can include spending cuts, tax increases, or a mixture of the two. Austerity policies may be attempts to demonstrate governments' liquidi... Explore this topic

Eurozone

The eurozone, officially called the euro area, is an economic and monetary union of 17 European Union member states that have adopted the euro as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France,... Explore this topic

Economy of Greece

The economy of Greece is the 32nd or 37th largest in the world at $312 or $309 billion by nominal gross domestic product or purchasing power parity respectively, according to World Bank statistics for the fiscal year 2009–2010. Additionally, Greece is the 15th largest economy ... Explore this topic

Global Financial Crisis

The financial crisis of 2007–2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial ins... Explore this topic

Syriza

Coalició d'Esquerra Radical, més coneguda com a ΣΥΡΙΖΑ, és una coalició de partits polítics d'esquerra de Grècia creada arran de les eleccions legislatives gregues de 2004. El seu líder parlamentari és Alexis Tsipras, president d'Synaspismos, el més gran dels partits que confo... Explore this topic

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Greek general election, 2012

Greece

Greek government-debt crisis

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