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" ... 5. BoC will be recapitalised through a deposit/equity conversion of uninsured deposits with full contribution of equity shareholders and bond holders. ... "
" ... Even if they do close the banks of course that won't be the end of it. Those banks will have to be recapitalised and fast. And Greece doesn't have any euros to do that with so a bank holiday might just buy the time to get a drachma going again. In terms of electronic money this is actually pretty easy, simply redenominate all accounts. Paper money takes a little longer but there have been many examples of extant currencies simply being overstamped. ... "
" ... MH: Talk about a complex question. It is definitely a political question. It very much depends on what Germany and, to a lesser extent, France want to do. Greece needs to be recapitalised and the only way for that to happen is for there to be a significant haircut on the bonds. There may indeed need to be haircuts on other sovereign debt as well, but frankly that is nowhere near as obvious at this stage. I am not sure if anybody will be ejected from the Euro zone. Whether they should be is a political issue. However, given the potential difficulties that surround the various support mechanisms, in extremis, it is not impossible that the Euro zone does break up. ... "