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Greeks withdraw €700m from banks over single currency fears

Greeks have withdrawn hundreds of millions of euros from banks across the country, apparently afraid of the prospect of rapid devaluation if the country leaves the European single currency.

Central bank head George Provopoulos told President Karolos Papoulias savers withdrew at least €700 million on Monday. The minutes of Papoulias's meeting with other political leaders reported the president as saying:

Mr Provopoulos told me there was no panic, but there was great fear that could develop into a panic.

Withdrawals and outflows by 4pm when I called him exceeded €600 million and reached €700 million. He expects total outflows of about €800 million.