A bank customer is seen at an ATM machine in Athens, Greece, June 13, 2012. (Milos Bicanski/Getty Images)
ATHENS, Greece – In Europe’s most economically stricken countries, people are taking their money out of their banks as a way to protect their savings from the growing financial storm.
Worried that their savings could be devalued, or that banks are on the verge of collapse and that governments cannot make good on deposit insurance, people in Greece, Spain and beyond are withdrawing euros by the billions â€” behavior that is magnifying their countries’ financial stresses.
The money is being hoarded at home or deposited in banks in more stable economies.
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"Greeks, Spaniards Withdraw Euros by the Billions"