The Greek finance minister says Greek banks should accept the second hair cut of the year out of a sense of patriotism. They are understandably balking, but may concede if the officials grant them full recognition of deferred tax assets in capital calculations.
The Greek bond buy back is the main talking point in Europe and upon it rest the hard won agreement to fund Greece so it can keep its creditor whole.
Spanish banks may quickly take the spotlight. Earlier this week, the European Commission cleared the last important hurdle to a 37 bln euro injection into Spanish banks by approving the restructuring plans which comprise the conditions of the assistance.