ABSTRACT
In April 2013, deposit levels at private banks in most of the 17 nations of the eurozone-
the set of countries that utilize euros issued by the European Central Bank as their cur-
rency-declined noticeably. The largest absolute decrease was in Spain, where private
deposits declined by €23 billion. Other significant reductions took place in Greece, in
which deposits decreased by nearly €3 billion, and in Cyprus, which recorded a reduction
exceeding €3 billion. The deposit drop in Cyprus during the month was proportionately
the largest, however, at 7.3 percent, compared with a 1.6 percent decrease in Greece, and
a 1.5 percent reduction in Spain.
