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National Bank of Greece (NBG) and Eurobank fell by 30% in morning trade, while Alpha and Piraeus lost up to 20%.
BBC: Greek cash machine
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National Bank and Eurobank were several months into their merger process.
BBC: Greek cash machine
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Greece's four biggest lenders were the biggest decliners on the Dow Jones European banking stocks index on Wednesday: National Bank, EFG Eurobank, Alpha Bank and Piraeus Bank.
FORBES: Europe Markets Brief
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Among the hardest hit are Greek banks like Eurobank EFG which has plunged 41.24%, National Bank of Greece which is down 29.27% in euro terms and Alpha Bank not the Russian one which has tumbled 30%.
FORBES: European Bank Shares Send Greek Default Signal
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Greece's creditors - the EU, IMF and the European Central Bank - had said they were worried a new NBG-Eurobank entity would not only have about 40% of the Greek market, but would be hard to recapitalise.
BBC: Greek cash machine
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For example, when the Bank of England began to tighten slightly its oversight of Moscow Narodny Bank in London after 1986, the USSR simply moved at least a portion of its more risque banking activities to Eurobank in Paris and East-West United Bank in Luxembourg where regulatory officials were more laissez-faire.
CENTERFORSECURITYPOLICY: Center for Security Policy | ��MORAL HAZARD��: MOSCOW��S DUBIOUS BANKING OPERATIONS MAY MAKE THE BCCI AND BNL AFFAIRS LOOK LIKE SMALL CHANGE
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For example, when the Bank of England began to tighten slightly its oversight of Moscow Narodny Bank in London after 1986, the USSR simply moved at least a portion of its more risque banking activities to Eurobank in Paris and East-West United Bank in Luxembourg -- where regulatory officials were more laissez-faire.
CENTERFORSECURITYPOLICY: Center For Security Policy