Tag Archives: Greek Banks

Thirty to forty high-ranking officials at the Bank of Greece have reportedly resigned in order to escape upcoming wages cuts. According to Capital.gr and Proto Thema, the majority of the resigned bank officials have founded ‘right to pension’ and chose to resign in order to avoid the upcoming wages and …

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Twenty thousands employees are at risk of losing their jobs due to the bank mergers. According to daily Ethnos, excessive personnel will see the exit door, regardless of the position they hold in the hierarchy scale. The aim of the lay-offs is to compress operating costs down to a minimum. Greek …

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Recapitalization of Greece’s banks will need to be completed by end of April 2013.  According to TA NEA newspaper, Finance Minister Yiannis Stournaras and Deputy Finance Minister Christos Staikouras discussed with the Troika on Sunday evening the terms and the time-table for the recapitalization of the viable Greek banks. It …

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Does the big bang rolls with forceful violence towards Greece’s property owners? Are those who bought homes on loans and found themselves unable to meet their obligations at risk to be kicked out of the four walls and the ceiling,  they used to call ‘their own’? The Troika apparently puts pressure on the banks to start …

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Theodoros Pantalakis, former Chairman and Governor of state Agricultural Bank, ATE, saw no wrongdoing in transferring 8 million euros abroad. He told Sunday newspaper Real News, the money he transferred abroad was the family’s savings after tax deduction. The family wanted to buy a property in London therefore the transfer, the …

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 Members of the Greek Parliament were stunned to hear the governor of the Bank of Greece, Giorgos Provopoulos, saying that “a very senior member of the Agricultural Bank transferred money abroad and that there is an investigation going on on the issue. Some 8 to 10 million euro  The transfer took place …

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 Greek court officials A Greek prosecutor brought charges against Morgan Stanley for alleged inside trading in connection with the planned deal between National Bank of Greece and Alpha Bank in January 2011, a merger plan that failed at the end. According to Greek and international media, charges were brought after investigation …

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Greece’s Piraeus Bank said it will pay 95 million euro to acquire the healthy assets and liabilities of state lender Agricultural Bank (ATEBank), a deal  that was announced by the Central bank of Greece on Friday. According to Piraeus Bank statement released on Monday, the country’s four-biggest lenders acquires from …

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 Greece’s Bank-employees Federation (OTOE) launches a warning 24-hour strike on Monday, July 30th 2012. Among the policy changes in the banking sector that OTOE demands are: boosting of real economy and growth, support of social needs and relief of the Greek households, establishing the protection of employment, and defence of pensions, …

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Debt-ridden Greece sent a positive message to the Troika, as it announced that the country’s fourth-biggest lender Piraeus Bank took over the healthy assets of state lender Agricultural Bank (ATE). Greece’s lender had been pushing since summer 2011 for ATEbank’s restructure as it was the only bank that had failed to pass …

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Greek banks are bleeding as concerned citizens transfer their money abroad to secure them in case of a euro exit and return to drachma. Estimated 100 million to 500 million euro are tranferred from the Greek banks abroad on a daily basis due to citizens worries about the outcome of the economic …

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Political instability and potential euro exit have increased fears among Greeks who withdrew some 6 billion euro from bank accounts in the last 15-20 days. Panicked citizens believe it is ‘safer’ to have euro bank notes at home, than to let savings at the banks exposing them to the danger …

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 Greek Alpha Bank sharply criticizes political parties and their strategies towards the Memorandum of Understanding. Discussions about government to discharge the MoU threaten the economic stability, says Alpha Bank in the weekly bulletin issued its Economic Research Department. “The Greek economy is suffering from the destabilizing tendencies of an election showdown with a …

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Four of Greec’s  biggest banks got a rejuvenate blood trnasfusion with a  financial injection of 18 billion euro by the European Financial Stability Fund. Of course, when the Titanic sinks, bankers are the ones to be saved first. “Greece handed 18 billion euros ($22.6 billion) to its four biggest banks on Monday, …

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It looks as if the markets have been anticipated for a pro-bailou party like conservative Nea Dimocratia to head public opinion polls ahead the June 17 elections. Other than this, there is no other explanation as to why Athens Stock Exchange rallied with +6.87% and General Index closed at 518.49 …

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 I am in a big dilemma: I recently emptied my bank account. I took home whole 15 euro and 47 cents. And I have difficulties where to hide it. Behind the ice-box? Beneath the floor? Inside the cool-cream jar? Deep down the pet’s food bag? Dog-house and under the matrass are …

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Greeks are trapped in a storm of political instability and economic uncertainty with recession at -7% and unemployment over 21%.  While they are struggling to cope with the situation and make ends meet,  they are exposed to a barrage of statements coming from abroad and threatening them euro exit. Even if this …

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 Greek banks will announce their losses for 2011 on Friday afternoon after the Athens Stock Exchange closes at 05:30 pm local time. According to Reuters, the results will not include the losses banks suffered Greek bond swap (PSI). The Blackrock report and results are still pending. Battered by a debt crisis and recession, Greece΄s …

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The Greek bond swap (PSI) of last March caused heavy losses for the banks. But no worries. EU is sending the money. Full 25 billion euro. Of course, recapitalisation of the banks is important to avoid economy collapse. Allegedly, the recapitalisation will help the banks with cash for the benefits of …

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Delaying in the release of the sixth aid tranche and the PSI negotiations will delay the elections as well, Greek Finance Minister Evangelos Venizelos told the parliamentary economic committee  of PASOK. “February 19th is a ‘conventional’ date” stressed Venizelos. The new transition coalition government partners had agreed on early election to …

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