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'Drachma' in Greece; Run on Greek Banks?

'Drachma' in Greece; Run on Greek Banks?

As deposit holders withdrew nearly $1 billion from Greek banks on Monday, concerns mounted across Europe and around the world that Greece might withdraw from the Euro and return to its previous currency, the drachma (pictured above).

While Greek officials disputed reports that there was a “run” on the country’s banks, Greek consumers, who withdrew billions in a 2010 panic, are determined to hold cash assets in the Euro rather than in a devalued drachma.

European leaders are urging Greece to stay in the Euro, but as Greece faces the collapse of talks to form a new government, the prospect of new elections next month, crushing debt, and a banking system under severe pressure, there may be no alternative to withdrawal.

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