With the ECB’s ELA and haircut decision today — several Greek banks will surely start to collapse within days (if a deal isn’t reached very shortly). The importance of this has nothing to do with economics or banking; but everything to do with the humanitarian problems that will rapidly start to occur.
Greece, a developed, first world country. The country that laid the foundation for philosophy, art, math, science, citizenship, trial by jury, and the Olympics. Even with all of their mistakes, and their terrible missteps, this will be a horrific thing to watch.
