S&P writes the obituary for Greek banks

S&P lowers four Greek banks to 'selective default'

• Four Greek banks downgraded to SD following depositor restrictions
• Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank
• Ratings reflect opinion that private individuals lack of access to their deposits on a timely and in-full basis
• Banks downgrade to CCC- reflects that it is now inevitable that banks will default within six months in absence of EU support
• Believe the default of Greek banks is virtually certain unless unexpected additional support materializes

One of the most-unjust results of the catastrophe in Greece is the banking system. Despite government excess leading up to the crisis, the banks were very well run, cautious and well capitalized.