Greek banks strain for cash

Page last updated at 03:23 GMT, Friday, May 18, 2012 - 08:23 EST

CNN Money:

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he Greek financial system is straining hard for cash.

Consumers and businesses are making massive withdrawals from Greece's banks -- leading to concern the beleaguered nation could be forced out of the eurozone by a banking crisis even before its government runs out of cash.

Deposits are the lifeblood of any bank, and Greeks pulled 800 million euros out of the banking system on Tuesday alone, the most recent day for which figures are available.

At the same time, the European Central Bank this week cut back -- at least temporarily -- on how much it was willing to lend to some Greek banks. (Greece downgraded deeper into junk territory)

The central bank, whose loans have provided banks with much-needed cash, said it believed the loan freeze would last only a few days until the banks secure already-approved European bailout funds.

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