Greek Banks List Conditions Under Which They Will Agree To Be Bailed Out

One of the indirect beneficiaries of the German generosity which allowed a token EUR44 billion to be released for Greece, with the bulk of the proceeds used to pay off hedge fund and Western Europe bank creditors, are Greek banks, who will fight for the remaining scraps and use them to plug their massively underwater balance sheets. However, as we reported yesterday, the same Greek banks not only want their cake, but they now have a set of conditions that must be met for them to eat it too. Because recall that remarking GGB2s from par (where Greek banks certainly have the bulk of the post-reorg impaired debt market) to the debt buyback price will cause massive hits to Greek bank capitalization which explains the tumble in Greek bank stocks in the past few days. As such, said Greek bankers are threatening to scuttle the "voluntary" aspect of the Greek bailout as explained yesterday, unl...