Here’s a cheery round-up from Business Insider. The Greek bailout talks are “deadlocked” (although such talks generally are until the moment that they are not). Two-year Greek debt is now yielding 28 percent, four Greek banks have just been downgraded by S&P (to CCC) and there are massive protests in the streets of Athens. Moody’s has also placed three large French banks under review thanks to their exposure to Greek debt.
Perhaps the most interesting news for the (slightly) longer term, is that loans from the European Central Bank to Spanish banks rose by 26 percent to EUR 53bn last month, a clear sign (to put it mildly) that they may be struggling in their efforts to find funding elsewhere. One can only guess how Greek banks are coping . . .