The Greek economy is likely to be another 5% smaller by the autumn than when the banks were stress-tested last timePlenty of dangers lie in wait for Greek banks. Already short of cash, they may need lots more when stress tests of their solvency are carried out in a month or two. And unable to access the international money markets, they will be in a similar position to the Greek god Telephus, who was wounded by Achilles and yet needed Achilles to return as a doctor before he could be healed. The Greek banks, stripped of many of their assets by the European Central Bank, will need the ECB to make a re-appearance in Athens to aid their recovery. Related: Greek debt crisis: Greece begins repaying ECB and IMF as banks reopen - live Continue reading...
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