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The present empirical study draws on the existing literature on private savings behavior to identify and analyze the main drivers of commercial bank deposits in Greece since the country joined the euro area in January 2001.Our empirical methodology employs cointegration techniques and a vector errorcorrection model (VECM) for studying the determinants of private-sector deposits to domestic commercial banks. Private-sector deposits to the Greek banking system have been on a prolonged rising trend since the country’s entry into the euro area. The total value of private deposits peaked in H2 2009, before embarking on a declining path following the eruption of the sovereign debt crisis in late 2009. Among other important empirical findings, our study documents a strong positive link between bank deposits and bank credit to the domestic private sector in the periods before and after the eruption of the sovereign debt crisis.