I'm a little surprised that (to the best of my knowledge) there have not been any bank runs that have resulted in the failure of Greek banks. Because now you have: * Greek govt debt trading at yields that suggest default * I would assume that Greek banks hold some of this debt and would be sitting on some losses as a result * The financial markets are strongly suggesting that the ECB / IMF bailout is not enough to fix Greece's problems * Therefore any implicit support of Greek banks by the Greek government could / should be considered unreliable. * Therefore any deposit insurance provided by the Greek government could / should be considered unreliable * Riots / fires etc * Strikes / contracting economy / unemployment >>> bad and doubtful debts * Stories about high net worth individuals withdrawing money from Greek banks and depositing it in banks in other countries Another way of putting this - if I was a resident of Greece, I would keep as little money as possible in Greek banks, and hold my Euros in a bank in an overseas country. Yet as an example, Yahoo Finance says NBG has a market cap of 8 billion. Yes it has fallen by a lot (60% to 70% off the 52 week high) but 8 billion seems like a big market cap for a bank in a country on the brink of insolvency. I'm not going to short NBG until it demonstrates significant underperformance versus other PIIGS banks, but I'm wondering why there haven't been crippling bank runs on Greek banks as yet?