Your money is safe as Greek default nears: BMO

Savers worried their cash stashed in Canadian banks might be at risk as the threat of a euro zone default grows have nothing to fear, according to BMO.

"We looked at that very closely," Paul Taylor, chief investment officer for BMO Harris Private Banking, said during a conference call Friday.

"Canadian banks' direct exposure to European sovereign debt is extremely limited."

And no big depositor has made any moves that would cause concern for BMO, he said.

Canadian banks are considered the paragon of virtue in the financial world, said Andrew Busch, global currency and public policy strategist for BMO Capital Markets.

If things get worse, global investors are "actually going to deposit money in Canadian banks."

Canoe