Greek banks seek government support as investors flee

The four largest banks in Greece have asked for government support as investors continue to move their funds out of the financially-troubled country.

George Papaconstantinou, Greece's finance minister, has announced that the banks "have asked for access to the remaining funds of the support plan", reports the Financial Times.

The €28 billion ($37 billion) support plan was originally drawn up in 2008 at the height of the credit crunch.

National Bank of Greece, EFG Eurobank, Piraeus Bank and Alpha Bank have now requested around €17 billion in loan guarantees and special bonds.

According to figures from Greece's central bank, local citizens moved around €10 billion worth of savings out of the country in the opening two months of the year.

The amount represents more than four per cent of the total sum of money in the country's banking system.

In February, Fitch Ratings downgraded the credit ratings of all four banks in response to growing international concern about the state of the country's economy.