Eurozone banks are raising the threat of being nationalised in an effort to fend off suffering losses of up to 50 per cent on their Greek bonds should the terms of Greece’s bail-out be redrawn.
Now let's get real here: these banks are dead in the water. They're going to fail the tests of solvency that they must pass to continue trading. It's their own fault they'll fail: they made the mistakes (following Goldman Sachs lead, let's be clear) of funding a government that had been duped into acts of deception by the very banks now failing as a consequence.
And now they're bleating that they can't be nationalised? Don't they realise that is inevitable?
More than that, since they've failed don't they realise the only rightful act is that their equity is wiped out and nationalisation take place for nothing, with the new state provided bank capital owning 100% of the company?
That is the only way forward. It's what the rule of the market demands. But they don't like that rule, not when it does not suit them.