When the Bank of Greece (BOG) run out of cash, European Central Bank (ECB) printed some on the spot, and wired them over (C-130, fly-by-wire).
Elections got through. So did Capital Controls in Greek Banks. And PLAN A continued as per the rehearsal.
However, the Deposits in Greek Banks followed a deadly spiral.
Greek Drachma Depreciation between WWI and WWII was 1:1000 and the Gold Reserves gone for ever!
Only the ‘Coopers Treaty’ was signed in silence, like most things that creep in the dark…
Mind you (correct me if I am wrong), following the acceptance of the salvage funds from HFSF, which were booked into the Greek State’s books as liabilities, All Greek banks became Public Property.
The top chairs rotated once more in 2019. The Riviera is now well underway (να το πάρει το “κινέζικο” ποτάμι), naval-ports and air-ports alike, carrying new flags, too. “Leviathan” also made its way to Libya and Italy, so that we can all share our natural resources at a discount (that makes business sense, doesn’t it?).
However, some “bankers” still believe they can rotate the same money round and round again (remember the ASPIS PRONOIA case?) so that we can all lose track of “The Money” (ΕΔΩ ΠΑΠΠΑΣ ΕΚΕΙ ΠΑΠΠΑΣ).
To be exact, INTRUM was “innovative” enough to go public and claim the original bank collaterals – called “ΤΑ ΚΟΚΚΙΝΑ ΔΑΝΕΙΑ ή ΤΑ ΚΟΚΚΙΝΑ ΣΠΙΤΙΑ (same thing) – Theirs!
Well, sophomore accounting students call that double booking (or “cooking the books”). IFRS calls that fraud against the State and sends you straight to jail.
Financial Action Task Force (FATF) – responsible on a global scale for Anti-Money Laundering – might also like to address some questions to both Greek Government and ECB officials as well as Hellenic Bankers’ Association (HBA), as to sources and uses of bail-out funds.
Good Barristers do take extra care to print the “fine letters”. That’s what they are paid for. Yet, People can always read these same fine letters and tell what’s what…
Please, be a bit careful with business plans and press releases that won’t stand the test of time or the DA’s questions in the Courts of Justice.