Greeks are withdrawing up to €800m a day from their banks and stocking up on basic food supplies ahead of the election on Sunday that many fear will result in the country being forced out of the euro.
"This includes cash withdrawals, wire transfers and investments into money market funds, German Bunds, US Treasuries and EIB bonds," said one banker, who spoke on condition of anonymity.
The estimates of daily withdrawals provided yesterday by banking officials are now running higher than at any time since the country was first bailed out two years ago.
It came as it was suggested that Greece could even need another EU bail-out. "If a state insolvency is to be avoided, then the Europeans will need to jump in again," said the German newspaper Die Zeit.
"The Bundestag (lower house of German parliament) may possibly have to discuss a third Greek package again. A double-digit billion euro amount is being discussed," the report added.
A precondition for such a third bailout package would be that elections result in a government "that commits itself to further reforms," Die Zeit said.
The Sunday election is a re-run of the May 6 poll which failed to produce a government. It is a close contest between the conservative New Democracy party, which broadly backs the tough austerity measures attached to the country's second €130bn bail-out in February, and the radical Leftist coalition Syriza, which wants to revise the rescue deal substantially. Failing to meet the rescue's conditions could lead to the EU and IMF cutting off funds, forcing a Greek exit from eurozone.
Fears that Greece will collapse financially have slowly drained Greek banks over the last two years. Central bank figures show deposits have shrunk by about 17pc, or €35.4bn in 2011, and stood at €165.9bn at the end of April.
Greek banking officials said withdrawals were not yet at a pace that would fatally dest@bilise the sector, but were seen as a symbol of full-blown panic that could yet strike.
A manager at a high street bank in northern Athens said withdrawals were the highest ever seen at the branch. "There is a lot of anxiety. People are taking out cash, cheques or transferring money to a variety of countries. If I had any money to withdraw I might do the same."
Among those joining the mini-run yesterday was Pavlos Korakas, a retired airline pilot who has taken out €10,000, leaving just €5,000 on deposit. "The majority of wealthy people have sent their money abroad," he said. "Of course I am worried about Greece leaving the euro. Whoever says they are not is lying."
"People are terrified by the prospect of returning to the drachma and some believe it's good to fill their cupboard," said Vassilis Korkidis, head of the ESEE retail federation.
"It's over the top, we must not panic. Filling the cupboard with food doesn't mean we will escape the crisis."
Debt crisis: Greeks pulling €800m a day from banks - Telegraph
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