ML-Implode News - Greek banks face full nationalisation

The transmission of money is being facilitated in the most basic way, but there is no creation of new credit; and this credit freeze is a major impediment to consumer spending, and - perhaps more importantly - will lead to many businesses going bust in the coming weeks and months.
... it is reasonable to assume that a stress test and asset quality review of Greek banks ordered by the European Central Bank - which as it happens has started today - will confirm in a couple of months that more-or-less all the capital held by Greek banks will be wiped out by future losses.
That would mean the wipe out of an investment of â‚¬16bn made by the Greek state and â‚¬10bn made by private investors as recently as 2013.

Relevant:

Greek banks face full nationalisation