Ok, lets talk about banks.

What you should think about when you hear:

bank – a private company.
non performing loans – people don`t care to pay loans back.
imf – a private company
imf cuts financing to x banks – one private company refuses to pay to another private company for reasons that don`t matter any ways.
collapse of banking system - bankruptcy of a number of private companies that for the most time do business with other businesses.
bankruptcy – legal way to not repay your creditors.
Greece - defaulted on itself about 7 times(counted long ago may be false) since it is officially a country in 1821.
Rules != Laws != Statutes
default – situation in which two sides fail to meet an obligation/s. In this situation, each side has 50% of the fault.

 
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