Is there a bank run happening in Greece?

© z6mag

Financial investor Mike "Mish" Shedlock pointed out in a recent column that there has been an incredible surge of withdrawals from Greek banks in recent months.

In November, there was roughly €220 million withdrawals from Greek banks, but in December that number jumped all the way up to €3 billion.

Greeks are depositing much less money in the bank as well. Deposits in Greek banks have dropped by 37% since 2010.

Investment experts are warning Greeks to take their assets out before there is a run on the banks. However, politicians are urging the public to remain calm.

This week, Gikas Hardouvelis, Greece's finance minister, said in a statement that there was a "small chance" of a bank run, but did not rule out the possibility altogether.

"The probability of a bank run is very small; the public understands that deposits are safe," he said.

Greece has been teetering on the brink of economic default following a massive banker bailout from the EU and subsequent privatization of most of the country's infrastructure following the monetary crisis a few years ago.

View the chart below to see the dramatic drop in deposits experienced in recent years:

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