Greek banks may be forced to close next week

London

AN accelerated run on Greek banks may force them to close for a few days next week. In the past few days alone, corporate and individual depositors have withdrawn an estimated 3 billion euros (S$4.5 billion), placing the money in either other European banks or at home.

The fear is that the Greece government will default on its loans, bringing in its wake capital controls, a potential exit from the euro and a steep devaluation.