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Tag Archives: Greek Banks

Greek Banks to Get Rid of 20,000 Employees

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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Greece’s Banks Recapitalization to be Completed By April 2013

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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Morgan Stanley Faces Charges Over Greek NBG-AlphaBank Merger Talks

 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 Bank-Employees’ Union (OTOE) On 24h Strike, July 30/2012

 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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Greece’s Banks Deal: Piraeus Bank Absorbs Healthy Assets of ATE Bank

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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Greeks Keep Transferring Their Money Abroad; Estimated €100-500 Million per Day

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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Greeks Withdrew estim. 6 Billion Euro after May 6 Elections

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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Alpha-Bank Criticizes Greece’s Bailout-critical political parties

 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 Greek Banks Get Financial Injection of €18 Billion

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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Billions of Euro-Cash Hidden in Greek Homes

 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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Greek Banks to Announce Results 2011 Friday after 05:30pm/1430GMT

 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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EU Sends €25 Billion to Greece… for the Banks, Of Course

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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Greek FinMin: Delay of 6th Aid Tranche & PSI, Will Delay Elections Too

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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