And Germany took a forced loan from the Bank of Greece to cover the occupation cost.
National Bank of Greece dropped 13.5% while Alpha Bank fell 4.3% and Piraeus Bank slipped 2.8%.
Bank of Greece statistics suggest personal deposits are down about a fifth since 2009.
It borrows from the Bank of Greece, which is in turn borrowing from the ECB.
Now what if Bank A, in Athens, does not have enough reserves at the Bank of Greece?
But the National Bank of Greece, despite the run-up in its stock, remains the sector's likely long-term winner.
The Bank of Greece announcement came after new talks between creditors and the Greek Prime Minister, Antonis Samaras.
National Bank of Greece is the country's largest banking group and recently made a big acquisition in Turkey.
Now what if the Bank of Greece knows Bank A is in trouble because its deposits are being withdrawn?
Bank A signals to the Greek central bank, Bank of Greece, that the payment will go ahead using TARGET2.
Bank of Greece's liability to the Eurosystem of central banks rises 1000 euros.
But you also have banks like the National Bank of Greece, Allied Irish Bank, La Caixa Barcelona and Societe Generale.
Athens has buzzed with rumors over the past year that the Bank of Greece was secretly printing drachmas, Greece's pre-euro currency.
National Bank of Greece (NBG) and Eurobank fell by 30% in morning trade, while Alpha and Piraeus lost up to 20%.
NBG's parent, the National Bank of Greece, owns several big banks in Bulgaria and Macedonia and has branches all over Serbia.
Bank A's reserves at the Bank of Greece are docked 1000 euros.
Under ELA, banks borrow from their national central bank, in this case the Bank of Greece, with approval of the ECB's governing council.
The Bank of Greece has permission from the ECB to lend against poor collateral up to a certain amount, set twice a week.
National Bank of Greece (nyse: NBG - news - people ) is the country's largest banking group and recently made a big acquisition in Turkey.
The next on line, for instance, is National Bank of Greece (NYSE: NBG), the largest bank of Greece with an extensive presence in the Balkan region, Turkey, and Egypt.
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The coming weeks, leading to the second Greek election, will see the interplay of opinion polls, depositor behaviour and the European Central Bank's bi-weekly decisions on the Bank of Greece's lending capacity.
Among the largest underlying components of IEV, in trading today Ryanair Holdings Plc ( NASD: RYAAY) is trading flat, and National Bank Of Greece S A ( NYSE: NBG) is up by about 4.5%.
Among the hardest hit are Greek banks like Eurobank EFG which has plunged 41.24%, National Bank of Greece which is down 29.27% in euro terms and Alpha Bank not the Russian one which has tumbled 30%.
At that point, the Bank of Greece would have to impose capital controls, and everybody who has euros in a Greek bank account would have to keep them there and see them devalued on euro exit.
As I've written before, this has the ability, on any given day, to provoke a drain of liquidity from the Greek banking system, forcing the Bank of Greece to ask for levels of Emergency Liquidity Assistance that the ECB just cannot countenance.
Economists at National Bank of Greece, an Athens lender, predict that, if Greece returns to the drachma, incomes will fall by at least 55%, bank lending rates would reach 37%, output would plunge by 22% and property values would fall by half.
The Apple (AAPL) tablets, equipped with a custom-made debt-restructuring app, were handed out to the leadership team, including representatives from the Finance Ministry, the Hellenic Exchange (the Greek equivalent of the NYSE), the Bank of Greece (their version of the Federal Reserve) and the three external banks that managed the deal, Deutsche Bank, HSBC and Lazard.
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Under this system, called Target2, one consequence of businesses and households taking their money out of the bank accounts of the deficit countries, such as Greece, Italy and Spain, is that the German central bank ends up lending vast sums to the central banks of those deficit countries.
And on top of blocking bank withdrawals and imposing capital controls Greece would also face the massive problems of introducing a new currency in the form of new coins and notes and procedures.
Example: A third of the bank's loans to Greece's shipping industry were nonperforming.
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