Monday March 30, 2015 Search
Weather | Athens
14o C
09o 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)  
Rift talk may be self-fulfilling prophecy
Undeclared labor flourishing as inspections are insufficient
Agenda
Banks write off old debts worth billions
Greece’s Tsipras to meet ministers as creditors ponder overhauls
Greece’s Prime Minister Alexis Tsipras is to hold a cabinet meeting Sunday as Greek officials and creditors in Brussels discuss overhauls the country proposes to secure more funds from the e...
Moscow expects progress from Tsipras visit
Prime Minister Alexis Tsipras’s planned visit to Moscow on April 8 will be a “big event” in the course of relations between Greece and Russia, according to the Russian ambassador in Athens, ...
Inside News
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarian’s debut on the national team’s bench, a result that has left Greece at the bottom of its Euro 2016 qu...
HANDBALL
Hooligans mar PAOK´s handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sunday’s final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
Inside Sports
COMMENTARY
Let´s change the subject
Let’s talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. It’s better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Improved Greece draws 0-0 at Hungary
2. Rift talk may be self-fulfilling prophecy
3. Undeclared labor flourishing as inspections are insufficient
4. Agenda
5. Banks write off old debts worth billions
6. Hooligans mar PAOK´s handball cup triumph
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Greece’s Tsipras to meet ministers as creditors ponder overhauls
5. Greece says talks with lenders are continuing positively
6. Rift talk may be self-fulfilling prophecy
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Greece to present reforms by Monday, says gov't spokesman [Update]
5. Eurogroup unlikely to be held soon to discuss Greek reforms
6. Looking at the Chinese model
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.