Slight decline in savings accounts in January

Greek business and household bank deposits dropped slightly in January, pausing a four-month increase, central bank data showed yesterday. Reduced uncertainty over the country’s future in the eurozone led to deposit inflows in the last months of 2012, with December registering the biggest monthly inflow in four years, helping to ease Greek banks’ liquidity strains. Bank of Greece data showed deposits fell 0.3 percent to 160.97 billion euros at the end of January from 161.45 billion in December. Banks lost about a third of their deposits after the country’s debt crisis erupted in late 2009, partly

Rental rates for commercial outlets in Athens have dived, according to a survey by Danos-BNP Paribas Real Estate. Nike leased its new store on Ermou Street for 43 percent less than the previous occupant, while since 2009 rates have dropped 42 percent in Kolonaki, 35 percent in Maroussi and 32 percent on Stadiou Street. due to capital flight on fears of a eurozone exit. The shrinking deposit base added to strains on Greek lenders, which lost access to international funding markets and have come to depend on central bank funding for their liquidity. Since hitting a low point in June 2012, 10.4 billion euros have returned to the banking system.

Cyprus deposits.

Those with deposits at Cypriot banks should not all be forced to take losses as part of a eurozone rescue program for Cyprus, ECB policymaker Benoit Coeure said yesterday, but he did not rule out making the biggest depositors share some of the burden. Speaking at a Reuters summit on the future of the eurozone, Coeure said it was essential to reduce Cypriot debt to a manageable level and make sure that the cost of the bailout is fairly shared and not just footed by taxpayers. Deposits posted a decline of 1.73 billion eu- ros last month, according to data released yesterday by the Central Bank of Cyprus. Democratic Rally, the party of elected Cyprus President Nikos Anastasiades, pledged yesterday it would not agree to a haircut on deposits.

Bulgarian probe.

Bulgarian prosecutors and tax authorities started a probe into power distribution companies operated by Czech CEZ AS, Austria’s EVN AG and Energo-Pro amid protests against high utility bills that toppled the government. “I have issued an order to carry out a full inspection of the distribution companies to check for possible violations and offenses,” Bulgaria’s chief prosecutor Sotir Tsatsarov told reporters in Sofia yesterday. “The purpose of the inspection is to check whether all spending and investments are real.”