Germany’s Der Spiegel said it believes the Greek government is planning to confiscate bank deposits (English report).

Spiegel occasionally breaks a big story but it’s generally a tabloid so that this with a grain of salt. The bigger risk is a run on Greek accounts if the story circulates.

h/t to Nicola Duke

Update: If anyone speaks German and could help translate the Spiegel report that would be a big help. Google Translate seems to think it’s more speculation from Spiegel.

In either case, the point is the same. The rumor doesn’t have to be true, it just has to be believable enough that Greeks withdraw funds, which causes a viscous cycle.

Update 2: Our German-speaking friend Florian is saying it’s just speculation in Spiegel. Anyway, that’s how bank runs get started.