Greece's already-fragile banking sector has taken a hammering as fears of a debt default have hit lender's stocks—and deposits.
Following the victory of anti-austerity Syriza in the polls at the weekend, traders are seriously considering the possibility of a default on Greece's sovereign debt. It's not the first time Greece has defaulted—the first one was around 450 BC and, more recently, private bond-holders were forced to take a haircut on their debt back in 2012. But Greece's banks are ill-prepared for another one.
Shares in the country's four main banks have tumbled since Friday, when polls indicated a victory for Syriza.