Wednesday, March 4, 2015

Piraeus, MIG and Cyprus - Here We Go Again?

I had quite a bit of fun last year delving into the mysterious dealings of Piraeus Bank. What I could not understand was that such mysterious dealings would not catch the attention of Central Bankers and/or banking supervisors. Piraeus had taken a 3,4 BEUR profit on the purchase of the Greek branches of Cypriot banks which catapulted its equity. Either those were book profits to be written off over time or they were real profits in which case one should ask why someone sold branches at 3,4 BEUR below value. It's either or, you can't have both.

Thanks to the media website ThePressProject, the subject is coming to the surface again. Hopefully, it will not die away as it has died away in the past. As a matter of fact, this should be a wonderful gift to the new government whichhas committed to look into all untoward major financial deals. Good luck!


  1. Piraeus is 75% owned by hfsf (state)

  2. What the article fails to report is that for a few days in March 2013 the greek networks of the cypriot banks were offered openly to avery potential buyer. Piraeus was not the only bidder, there were others too - undeniably. The rest of the report is an excellent food for thought.