Greek bank deposits contracted 3.7% in October, making the total decline year to date a non-negligible 15.8%. Greek depositors continue to flee in fear of a default wherein their Euro deposits would be re-denominated in a severely weaker Drachma. Apparently, not all euros were created equal. The shrinking deposit base is adding additional stress to the country's banks, who are forced to tap the ECB's emergency liquidity assistance (ELA), which has now lent Greek banks over 36 billion euros. Greek banks have borrowed a total of 74.3 billion euros from the ECB, which represents over 30% of total Greek deposits.