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No Greek Resolution, Banks May Be Battered

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By Douglas A. McIntyre Published
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The situation in Greece will almost certainly drag on for another month. A caretaker government is about to take over ahead of June elections.

Greece may say it cannot make a debt payment, the next one due, before voters go to  the polls.

It could become obvious well before the vote that enemies of austerity will be clear winners.

There is still no consensus about what happens if Greece leaves the eurozone. Some economists believe the impact will be benign. Debt held by banks and the IMF could be wiped out. It is too early to predict what that would mean, other than to say some large private financial firms may barely survive it, if pessimists are correct.

Greece’s down banking system took a blow which is a signal for what will continue to happen to the financial companies there. The ECB said it would not provide capital to four Greek banks it believes are insolvent. As Greeks continue to take money out of bank accounts, the trouble will only get worse.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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