“…One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.
This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this….”
Karl Denninger at Market Ticker says about this..
“…The second Greece’s Parliament enacts the legislation demanded by The Troika and Herr Merkel, if they do pass it, they will hand over the entire nation’s deposits in the banking system and forfeit the right to prosecute any of the people responsible for the obviously-false marks taken on the assets that underpin those deposits.
That includes both the bankers inside Greece and at the ECB where the “collateral” is being held.
Since the ECB will then be in charge it may mark those “assets” however it wishes and thus steal as much of the deposits as it wishes without any means, other than the people of Greece taking up arms and literally invading Brussels, to stop it. Worse, once this is enacted it is irreversible as the theft will likely be accomplished within hours, long before the Greeks can demand an election and revoke their consent through peaceful means…”