An interesting note from the Fitch on the likelihood of success for Greek 'bad bank' set up here.
Neat summary of the problem: "NPLs have reached staggeringly high levels. Fitch estimates that domestic NPLs at National Bank of Greece, Piraeus Bank, Eurobank Ergasias and Alpha Bank (which together account for around 95% of sector assets) reached EUR72bn at end-2014, equivalent to 35% of combined domestic loans. Net of reserves, Greek NPLs reached a high EUR30bn and still exceeded the banks' combined equity."
NPLs at 35% of all domestic loans... and someone still believes Greece can just do that external devaluation thingy?..