Greek depositors withdraw €700 million from banks on Monday

Greek depositors withdrew €700 million (£557 million) from banks on Monday, according to the country's president.

Greek banks have seen a steady decline in deposits since the country's debt crisis began in 2009, as depositors have withdrawn cash and transferred funds to overseas banks.

In the past two years, deposit outflows have averaged between €2 billion and €3 billion per month, though in January they topped the €5 billion mark.