Goldman Sachs analyst Pawel Dziedzic just returned from a trip to Greece to assess the current financial state of the troubled nation. In a new report, Dziedzic discussed what investors can expect from Greek banks in coming months.

Bank Recaps

According to Dziedzic, the recap strategy for Greek banks remains unclear. He writes that private participation will be encouraged but is not guaranteed. At this point, Dziedzic sees limited investor interest. He notes that a “bad bank” strategy has not been on the table up to this point.

Operating Trends

So far, Greek banks have…

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