This whole situation is baffling. I think this is just the beginning of something big. How are Italy’s and Spain’s banks doing? I saw a blurb of an article about Spain’s banks...it was not good.
Greece hold Cyprus bond and Cyprus holds Greek bonds. Everyone knows the Bonds are worthless but it looks good on the books. That is why the bonds must be paid 100%. Once the bonds are considered mark to market the music stops and no chairs available.