European l enders gave Greece until 20 February to agree to the bailout programme or risk the funding that the country needs to avoid a default,
reported. Without an agreement on the bailout, Greece could default on its loan repayments by month- end and may become the first EU member to quit the euro. A report by JPMorgan Chase said Greek banks were losing deposits at the rate of €2bn (R26.5bn) a week. Should this continue for 14 weeks, they won’t have enough reserves available to issue new loans, it said.