lenders

Report of the UN independent expert on the effects of foreign debt to human rights in Greece, 29 Feb. 2016

Advance Unedited Version

Distr.: General
29 February 2016
Original: English

Human Rights Council

Thirty-first session

Agenda item 3

Promotion and protection of all human rights, civil, political, economic, social and cultural rights, including the right to development.

Report of the Independent Expert on the effects of foreign debt and other related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights on his mission to Greece*

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Two of Greece’s biggest banks face nationalization after failing to attract private investment and a surprise move by the state to suspend their merger deal.

A man comes out of an Eurobank branch in central Athens October 5, 2012. REUTERS/John Kolesidis

By George Georgiopoulos
ATHENS | Mon Apr 8, 2013 7:27am

Shares of Greek lenders National Bank (NBGr.AT) and rival Eurobank (EFGr.AT) plunged by as much as 30 percent on Monday after they confirmed their merger deal had been halted and they are unlikely to raise the private capital they need to stay out of state hands.

National bought 84.3 percent of Eurobank via a share swap in February, with a view to absorbing it as part of broader consolidation in the banking industry to cope with fallout from Greece’s debt crisis and deep recession.

But the deal raised the concerns of the “troika” of the European Commission, European Central Bank and International Monetary Fund that it would create a bank too big relative to Greece’s economy and make it difficult to sell in future.

“Their admission that they are unlikely to raise the required 10 percent from private investors is quite negative (as) their shareholders may become owners of a nationalized bank,” said Maria Kanellopoulou, an analyst at Euroxx Securities. (more…)

Athens: Barking strays protest the Troika …in the name of all Greeks (picts)

The representatives of Greece’s lenders had a rather unpleasant encounter on Sunday: they came face to face with the famous Athens strays. Three, four doggies had taken position outside the finance ministry as the Troika moved to meet minister Yiannis Stournaras and check the pulse of Greece’s austerity progress.

troika strays

 Duel in Athens: Troikans against strays

Following some mysterious inner voice, the strays had gathered outside the ministry. They formed a chain of protest – ‘representative’ – so to say – for the millions of Greeks suffering from the harsh austerity and the never ending taxes.

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The confrontation ended with loud barking and the Troikans rushing to the building, holding their bags in defending position.