What I’m getting at is this: are all four of Greece’s major banks viable going concerns with a long-term future? My remark just now about the structure of the banking sector is pertinent, not least, because it was agreed that the Greek government would transpose the European Bank Recovery and Resolution Directive (BRRD) into national law by 22 July.
That would create the toolkit needed to resolve banks in an orderly fashion, first and foremost the bail-in instrument. I believe that this instrument needs to be made available in Greece as swiftly as possible – that is, ahead of the mandatory introduction date of 1 January 2016.