Greek banks:The first casualties

The impact of a sovereign-debt restructuring on Greek banks

A MESSY end to Greece’s debt crisis seems ever more plausible. Standard & Poor’s this week slashed the country’s credit rating to the lowest notch above an actual default. Violent protests against a fresh round of austerity measures scarred Athens on June 15th. And dissent among European policymakers about how to involve private creditors in a new rescue package for Greece rumbled on.

Much of this debate centres on whether a restructuring of the country’s debt would spark wider Συνέχεια