Greeks Withdraw Nearly $1 Billion From Local Banks

Greek depositors withdrew 700 million euros ($900 million) from the nation's local banks recently, said President Karolos Papoulias, though the exact timing of the transfer was unclear.

Citing a conversation he had with Greek Central Bank Governor George Provopoulos, Papoulias said "that the strength of banks is very weak right now."

Stocks declined following the report after being up earlier in the day. Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect that leftists opposed to the terms of an EU bailout could sweep to victory in a June election and nudge the euro zone crisis into a dangerous new phase. More...