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Greece's banking system haemorrhaging even more deposits, says Dr Dennis Novy

As the Greek government continues to meet with French and German officials Dr Dennis Novy, Associate Professor of Economics at the University of Warwick, says that they "need a deal to stop the Greek banking system haemorrhaging even more deposits" as the countries debt worries continue.

Dr Novy's comment in full:

The negotiations between Greece and its creditors remain as tough as ever. Greece is close to having a primary surplus. This means it no longer depends on foreign money to finance day-to-day government spending. And it is highly questionable whether Germany, France and the EU Commission would want to risk pushing Greece out of the European Union. This strengthens the Greek negotiating position. But the Greek economy has weakened further ever since the Syriza government came into power. They need a deal to stop the Greek banking system haemorrhaging even more deposits.

To speak with Dr Novy please contact:

Tom Frew, International Press Officer

Tel: +44 (0)247 657 5910

Mob: +44 (0)7785 433 155

Email: a dot t dot frew at warwick dot ac dot uk

Dr Dennis Novy

Tel: +44 (0) 2476 523032

Email: d dot novy at warwick dot ac dot uk