Tuesday, 14 January 2014

Financial scandal shakes Greece

The Hellenic Postbank, once one of Greece's biggest financial institutions, is at the centre of a huge scandal after 25 people — including some former top bank executives — were charged with fraud and money laundering in connection with the issue of allegedly unsecured loans to local businessmen. The loans, issued between 2007 and 2012, resulted in losses of half a billion euro for the bank, explains I Kathimerini.


Hellenic Postbank (aka TT) was merged in 2013 with Eurobank under a program to restructure Greece's crippled financial sector. The daily adds that —
According to a Bank of Greece report, TT issued loans without guarantees and with favorable terms to several companies, some overindebted ones, with much of the money ending up in the personal bank accounts of some of the business owners who benefited.
Several prominent businessman have been embroiled in the scandal, including Alpha TV channel and Interamerican insurance firm owner Dimitris Kontominas, Kyriakos Griveas and Lavrentis Lavrentiadis, who is in pretrial custody for embezzlement relating to another case.
Cartoon by Ilias Makris (I Kathimerini). 

7 comments:

  1. Shaken but not stirred, the honor is safe.!

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  2. Je crois qu'on pourrait en écrire tous les jours de pareille !

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  3. Former Papandreu' Minister of defense Akis Tsochatzoponlos is in jail in Greece for having get some millions euros of bribes in order to buy German weaponry.
    The whimsical side of this story is that - maybe for my limited knowledge of German language - I couldn't find any news on the Germany side about people who gave these bribes. Nor any of my German friends was aware of such affair.
    May be in Ue to get bribes is a crime, to give them is not. Whimsical, for sure.

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  4. In Germany bribes are tax excempt, no joke. This has been repeatedly challenged on Presseurope while some readers (imagine which ones) kept defending it as a natural rule. The problem in this affair is not the bribing. But, the way I was told by a very serious Greek friend (not politician or journalist though), the bribe was payed for buying a high tech submarine from a producer who was going bancropt - they could save the company, but not for long since the submarine was not functional. It is not clear if it will ever work.

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  5. PS ... I guess you know it is me, preda,

    ReplyDelete
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