tag:blogger.com,1999:blog-5882645467378797266.post634167279845245966..comments2023-07-17T11:55:51.363+02:00Comments on ObservingGreece: In Defence Of Greek Bankskleinguthttp://www.blogger.com/profile/12491174042954678023noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5882645467378797266.post-72416646609719822462015-11-20T13:02:04.890+01:002015-11-20T13:02:04.890+01:00I think you are a bit lenient on our bankers. They...I think you are a bit lenient on our bankers. They were giving large unsecured loans to their business pals, well knowing that the loans were not for expanding the businesses, since they were the ones who transferred the money out for their friends.<br />They were issuing mortgages for houses that were wildly overpriced, there were several years when a corresponding house could be had cheaper in Germany.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-28191161160394483522015-11-19T21:09:44.999+01:002015-11-19T21:09:44.999+01:00The Greek banks are as complicit for Greece's ...The Greek banks are as complicit for Greece's bankruptcy as Greece's governments. They fueled a major housing bubble and provided credit to non-productive businesses.<br /><br />Oh and btw, banks aren't intermediaries between savers and borrowers. If that was the case there would be no need for operations like the ECB's marginal lending facility.Jim Sliphttps://www.blogger.com/profile/15325962115410722474noreply@blogger.comtag:blogger.com,1999:blog-5882645467378797266.post-35618773216329428612015-11-19T09:36:55.287+01:002015-11-19T09:36:55.287+01:00Very Nice Post Mr. Kastner,
I can not say that Gr...Very Nice Post Mr. Kastner,<br /><br />I can not say that Greek banks were making dirty work as the TBTFB's, but one action of irresponsibility was the manner in loaning. Wehn i came to greece in 1998 and observed how people easily acquire loans ranging from serious to friverlous things, I could not stop asking one question; Where is the credit rating system. In the USA everyone has a credit history and depending on your credit history, you can acquire loans for 0 - x amount of money.<br /><br />In Greece prior to the crisis there was no such credit system. I recall being telephoned and haggled by tellers to take a loan, receieve new credit cards, get a mortgage etc. They were giving out money in an uncontroled manner. Today they still call me because, most probably i have a great credit rating and they seek people who have such ratings.<br /><br />The moral of the story conclusion you made does not hold 100% true in the greek banks. Although the major mistakes made in other countries, created by the banks was not equivelent to that in Greece. Greek banks had a small part in contribution to the crisis.<br /><br />Sincerely,<br />VAnonymousnoreply@blogger.com