Friday February 27, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Troika tells Greek lenders to stick to local banking

 Other business and subsidiaries abroad have to be sold off

By Yiannis Papadoyiannis

Representatives of Greece’s creditors and the competition branch of the European Commission are asking domestic commercial banks to sell off their non-banking activities in Greece and their subsidiary and affiliated banks in Southeastern Europe.

Sources say that the troika – the Commission, European Central Bank and International Monetary Fund – are demanding the immediate sale of non-banking business on a specific timetable, while exercising pressure for the sale of subsidiaries in the Balkans.

The Commission’s deputy director-general for state aid, Gert Jan Koopman has been in Athens for the past few days holding a series of meetings with Greek bank managers regarding the business plans that lenders will have to submit in the context of their recapitalization.

According to sources, Koopman described to the managers the framework to which business plans will have to adhere, while next week the Competition Directorate-General will reportedly send written instructions to local lenders concerning their business plans. Bank officials say that the credit institutions will have to submit their plans by the end of June and then, following consultation, final plans will be agreed by mid-July.

One sticking point is the fate of subsidiaries and affiliates in the Balkans. The troika wants to see a drastic cut in the presence of domestic banks in countries in the region. It believes that given their weak capital base and the huge pressure they are under from the recession in Greece, having a strong regional presence is a luxury they can no longer afford.

The banks argue that it would constitute a major strategic error if they sold their subsidiaries in Southeastern Europe, particularly at this difficult time. They admit that adjustments and possibly some sales will have to take place, but stress that retaining a presence in the region is crucial not just to their own future survival but also to that of the Greek economy in general.

ekathimerini.com , Thursday May 23, 2013 (22:43)  
Minister says he hopes that ENFIA ends
Postponing an IMF tranche ‘means default’
Stournaras says deal must be completed
Greek bank deposits plunge to lowest point since 2005
Gov’t raises concern over payment to IMF in March
The Euro Working Group discussed Greece’s imminent funding problems on Thursday amid mounting concern about how the country will meet its obligations next months. Earlier in the day, Ministe...
More than 300 migrants released
More immigrants and asylum seekers were released from detention centers across Greece on Thursday as the government seeks to make good on a campaign pledge to close down such facilities, cit...
Inside News
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
BASKETBALL
Greens lose at Maccabi but preserve head-to-head advantage
Panathinaikos suffered its third loss in eight games at the second stage of the Euroleague going down 73-70 at Maccabi Tel Aviv on Thursday, but has preserved its better head-to-head record ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
ANALYSIS
Having it both ways: Greece´s doublespeak to Brussels and voters
Gingerly treading between its anti-austerity promises to voters and its pledges to skeptical international creditors, Greece's new radical government is resorting to doublespeak to keep ever...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ten-man Olympiakos couldn´t overcome Dnipro
2. Greens lose at Maccabi but preserve head-to-head advantage
3. Minister says he hopes that ENFIA ends
4. Postponing an IMF tranche ‘means default’
5. Stournaras says deal must be completed
6. Panathinaikos deducted the three points earned at the derby
more news
Today
This Week
1. The unlikely winners of Greece's surrender on euro
2. SYRIZA feeling the pain
3. Turkish jets violate Greek air space
4. Schaeuble tells MPs Varoufakis 'strains' EU solidarity
5. Merkel faces stepped-up dissent on Greek bailout among lawmakers
6. Greek bank deposits return after bailout extension
Today
This Week
1. Greece prepares extension request for eurozone approval
2. Time for Alexis Tsipras to keep his nerve
3. Stubborn but not almighty
4. Greek bailout deal faces review by euro officials next week
5. Greece says eurozone deal won time as cash bled from banks
6. The ignorance of the West about the culture of Islam
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.