Now let's do a reality check on the health of the four systemic banks. Greece's top systemic institutions are National Bank, Piraeus Bank, Eurobank and Alpha Bank, which control about 90 percent of the country's banking market.
They are dependent on euro-system financing to the tune of 73 billion euros, due to an exit of deposits. This stems from the crisis and the worrying depositor haircut in Cyprus, which could be a template for Athens, and so drove savers to seek stability overseas.
Additionally, the outlook on bad loans is calamitous, with some predicting that non-performing loans will reach 40 percent at the end of the year, or 85 billion euros. Bad loans are not expected to decelerate until the end of the first quarter of 2015.
(Read more: Greece's Piraeus Bank warns of rising bad loans)
The banks are currently playing an "extend and pretend" game to avoid tearing a multi billion-euro hole in their balance sheets.
Thankfully for the banks, the Greek Parliament has suspended most home repossessions for another year, keeping their overdue property loans in suspended animation. it has also kept some 200,000 families off the streets.
Regulators, the banks, the government and the country's international creditors are all grappling with how to begin restructuring the country's mountain of bad debt. Even the low-key central bank governor, George Provopoulos, has recently weighed in to encourage higher provisions and write-offs, and to advocate a new focus on local banking.
Provopoulos said that credit losses on bad underwriting should be taken and left in the past, and that Greek banks should focus on extending credit to dynamic, outward-looking businesses.