Despite illegal transfer, Greek bank gets government bailiout . . .

Here's a nice example of greed, manipulation of the rules and scratching the itches of the riches that got us in this mess.

This all deals with Proton Bank in Greece. Seems the Greek government (you know . . . the one that is too poor to pay attention and is taking austerity measures through program cutbacks and the like) found it necessary to bail out this bank.

The government also made a €100m emergency transfer to Proton. The bank was however unable to pay back
€70m of this amount, after depositors removed funds amid reports that Lavrentis Lavrentiadis, its largest shareholder, was being investigated for alleged embezzlement and money-laundering.

Allegedly, this Lavrentiadis guy controls 15 per cent of the bank in question. Nearly a third of the banks book of loans were to businesses controled by Lavrentiadis' business group.

Just so you get the warm and fuzzy off this . . . the Greek goverenment seems to have learned nicely from their US colleagues in terms of generally not giving a crap if it is legal, illegal or generally unsupported by the electorate

Evangelos Venizelos, the finance minister, has faced criticism from opposition politicians for approving the €100m transfer to Proton in defiance of a law banning the government from depositing funds with banks that face financial problems.

Go figure.

Wonder how much more of this kind of stuff will be unearthed as time goes on?

Here's the full story

Well if they hadn't done so, Greece would have been even more in trouble...

The bank was about to fail due to a bank run...

But still, LET IT ALL FAIL...

Just demonstrates the sh.t the eurozone is in. Desperate situation requiring different measures!

More to follow im sure and it wont be good!

When the mounting (Euro & US) debt is more than the total money supply over a given time then are we not in country bankruptcy mode already!

reply to post by Vitchilo



We are talking about money-laundering anywhat the reason is behind this action even of saving a bank is not a good one to justify such way of acting. As if corruption is not enough in this low world we d not need to have banks to start doing this just to save their back ! Outrageous, but will not continue for so long, dear God.


Thruthseek3r