It’s Official & As I Foretold Years Ago, Greece Is Now In A True Depression As Reality Hits Greek Banks

Roughly two years ago, I penned a piece called How Greece Killed Its Own Banks! It outlined the end result of Greece attempting to hide sparse demand for its debt by forcing its banks to binge on it using excessive leverage. Of course, once you eat too much garbage, you start to stink, and eventually… Well, let’s look at it from a visual perspective:

Greece and the ECB kicked the can down the road for two years, but as fate would have it… Reality rears its ugly head, as exemplified in today’s MSM headline from CNBC: Record Losses at Greek Banks Show Pain of Bond Swap

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