Millions of euros are withdrawn from Greek banks

The Athens Stock Exchange plunged to a twenty-two year low Tuesday.

According to the CBC depositors removed 700 million euros from Greece’s banks amid the country’s latest political stalemate.  Talks to form a governing coalition have failed following the inclusive results of last week’s election.  Greeks are expected to go back to the polls mid June.

The Conservative PASOK party and left wing SYRIZA party are said to be running neck and neck.  PASOK wants to adhere to strict austerity measures while SYRIZA wants to scrap or renegotiate the entire bailout.

Depositors are thought to be moving their savings elsewhere fearing a devalued currency if Greece leaves the Eurozone.

Flickr photo by: EnvironmentBlog