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As Greece scrambles for deal with creditors, bank deposit drain adds pressure

Associated Press
Published | Updated

Greece's prime minister Alexis Tsipras delivers a speech at Athens University, Wednesday March 25, 2015. Tsipras' speech took place during a special gathering to commemorate Greece's Independence Day, which marks the start of the uprising against the Ottomans back in 1821. (AP Photo/Panayiotis Tzamaros) (The Associated Press)

Greece's prime minister Alexis Tsipras delivers a speech inside Athens University, Wednesday March 25, 2015. Tsipras' speech took place during a special gathering to commemorate Greece's Independence Day, which marks the start of the uprising against the Ottomans back in 1821. (AP Photo/Panayiotis Tzamaros) (The Associated Press)

Greek bank deposits dropped by more than 7.5 billion euros ($8.2 billion) in February, ramping up pressure on the country's teetering financial system as its government scrambles to reach a deal with creditors.

The central bank of Greece Thursday said private and business deposits dropped to 140.5 billion euros ($154.2 billion) by the end of February.

Prime Minister Alexis Tsipras' government has promised to submit a list of detailed reforms to bailout creditors by early next week at the latest. It has also said it would scrap any reforms that hurt economic growth.

Lenders need to approve the changes before releasing the remaining bailout funds that Greece needs to keep up with debt repayments before the summer.