John Ward October 17, 2012 BREAKING...CreditAg sells Emporiki for €1

BREAKING: France on the edge as Credit Agricole sells Emporiki –

…FOR ONE EURO

That’s a loss of €2bn, but cheap at twice the price given the liabilities and derivatives nightmare.

As flashed in Smoke Signals yesterday, France is on the edge. The Slog posted:

‘Emporiki Bank and the unpleasant George Provoloupolos at the Bank of Greece are also implicated here. I sense I must post now (9.15 BST 16.10.12) as there are signs that this new bombshell is about to break cover.’

What happened here was that Provo the Crook played hardball with CreditAg, and they had no choice but to withdraw. One hopes George has good security and burly minders. Perhaps he should be Greece’s chief negotiator with the Troika.

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1

John Ward – Banking Armageddon : The Roadmap Made Simple – From French Downgrade To The Death of Society In Five Easy Steps – 20 November 2012 | Lucas 2012 Infos on November 20, 2012 at 8:05 pm

[…] month ago, Credit Agricole sold Emporiki Bank back to the Greeks for €1. In doing so, it absorbed an astonishing loss of €2bn. But CreditAg got off lightly if one […]

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2

BANKING ARMAGEDDON: The roadmap made simple | A diary of deception and distortion on November 20, 2012 at 1:41 pm

[…] month ago, Credit Agricole sold Emporiki Bank back to the Greeks for €1. In doing so, it absorbed an astonishing loss of €2bn. But CreditAg got off lightly if one […]

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3

Phil on October 18, 2012 at 9:07 pm

May I remind the Libertarians on this blog that there are plenty of supporters of their ideology who have advocated tearing up age of consent / pornography laws.

Indeed, the Libertarians who run the tax haven of Jersey have been fighting investigations into serious child abuse claims for many many years.

http://leahmcgrathgoodman.com/2012/09/11/freejersey-a-small-island-fights-for-its-democracy/

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4

Nick Markakis on October 18, 2012 at 9:44 am

Jon, don’t know why but the banks use 3 decimals.
And yes, this is mostly local banks. Those who circulated the list spread the rumor that these are the money that Greek politicians have taken abroad – this seems to be false info.
This is just a list of their official (known and declared) deposits. Black money is not in there…

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5

Jon on October 18, 2012 at 9:28 am

Except that, in the list, there are always 3 digits after the comma. Why is that? And they still look like domestic banks.

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6

Nick Markakis on October 17, 2012 at 10:53 pm

In Greek locale, comma is the decimal separator, so everything in the right of (,) is cents. The dot is the thousands separator.
Eg. 100.000, 93 is a hundred thousand euros and 93 cents.

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7

richard on October 17, 2012 at 10:28 pm

Re the list. Could the Greek blogger (please excuse my Greek) translate it to English, point out where the decimal points should be, i e are these millions of Euro’s and finally a little more explanation of it’s accuracy and origins. If it’s real it’s dynamite

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8

Nick Markakis on October 17, 2012 at 6:19 pm

Partially disagree. Before the French acquisition, maybe the numbers of Emporiki looked good and polished, but the bank had the problems every Greek state bank had: public sector mentality, incompetent management and personnel, no long term aggressive plans etc.
Of course the French had their chance (and ample time given) to change all this – instead they blew it, as Cr.A. suffered from very much the same structural and mentality problems.
More or less same story with Geniki Bank (Societe Generale).

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9

Le Gin on October 17, 2012 at 5:54 pm

Haha – check out the caption under the photos. Obviously there just in case you were confused about who was who :-)

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10

KJH on October 17, 2012 at 4:50 pm

Also O/T but maybe amusing: sometimes I kinda warm a little to the Royals:
Jeremy Hunt, the Health Secretary, left the Queen looking more than a little bemused last night when he attempted to joke with her about her starring Olympic role Meeting the monarch at a Buckingham Palace reception to thank those involved in the Diamond Jubilee celebrations, the politician recalled her involvement in the opening ceremony skit with Bond star Daniel Craig.
He then told her: “I read about a Japanese tourist who said afterwards how wonderful our Queen must be to take part in that as they would never get their emperor to jump out of the plane.”
There was a brief ‘tumbleweed’ moment as the Queen smiled and shrugged her shoulders politely as she turned and moved on.
The still smiling minister was then approached by her husband, the Duke of Edinburgh, who in typically blunt fashion, asked him “who are you?”.
Mr Hunt was forced to explain that while he was currently health secretary, he had been culture secretary at the time of the Jubilee and olympics.
“Well they do move you people on a lot,” the Duke said before turning smartly on his heel.
http://www.telegraph.co.uk/news/uknews/the_queens_diamond_jubilee/9613683/Jeremy-Hunts-Olympic-wisecrack-earns-him-royal-snub-from-the-Queen.html
Great photo of Jezza the Unt

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11

Jack Cade on October 17, 2012 at 3:50 pm

I see the Queen has got the measure of that slimey C–Hunt !!
http://www.independent.co.uk/news/uk/politics/who-are-you-queen-not-amused-by-health-secretary-jeremy-hunts-james-bond-joke-and-a-typically-blunt-prince-philip-doesnt-even-know-who-he-is-8215113.html

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12

H on October 17, 2012 at 3:27 pm

http://www.telegraph.co.uk/news/uknews/crime/jimmy-savile/9614516/Jimmy-Savile-Labour-faces-embarrassment-over-former-child-sex-claims.html

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13

Jon on October 17, 2012 at 3:27 pm

They look like domestic banks to me.

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14

Γιώργος on October 17, 2012 at 2:58 pm

If this is truth ? ????

LIST: These are the politicians that moved their money out Hellas !!

Round the Internet goes the last hours a list with names of politicians that they transferred their money to abroad.
In this ambiguous list pose a lot of ministers and tens of deputies of Hellenic parliament but also heads of parties.

Always according to this particular list the politicians that are presented in this – but also their related persons – they have transferred to abroad money that ranging from enough tens thousands up to million of Euros.

Interesting is the fact that this list is brought to be worked out with info from Bank of Greece, even if – follwing protothema.grresearch – her unknown author has collected and presented the total of deposits of politicians in local banks and abroad, deposits in any case that have been declared as it is required by the politicians

.
The Prime Minister brought bac in Hellas his money in the middle of crisis.

On the occasion the announcement of this list, the prime minister office informed that Prime Minister Antonis Samaras brought back his money to Hellas in the middle of crisis, the money that he maintained in bank abroad from the period when he was member of the EUParliament.

It looks like a Goebbelistic manipulation.

Isn’t John ?

See the list http://www.protothema.gr/files/1/2012/10/15/lista.pdf

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15

kfc1404 on October 17, 2012 at 2:41 pm

Link please?

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16

machholz on October 17, 2012 at 2:26 pm

Reblogged this on Machholz's Blog.

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17

weareallreallydoomed on October 17, 2012 at 1:55 pm

@wino
No, it leaves them on the SAME one!

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18

catvet on October 17, 2012 at 1:55 pm

Off topic
In DT report seems the Harp person may be interlinked(allegedly) with some of the J Saville goings on in her previous life prior to being an MP.

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19

Γιώργος on October 17, 2012 at 1:48 pm

Suprised?
The traitors will shell Hellas for 1€

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20

SUSSEXWINO on October 17, 2012 at 1:33 pm

Does this sale get C.Ag off the hook, or leave them on a different one?

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21

weareallreallydoomed on October 17, 2012 at 1:28 pm

@kfc
You can only kick a can so far before you run out of road.
WAD

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22

Jon on October 17, 2012 at 11:34 am

I’m not quite sure why France should be ‘on the edge’ as you put it. CA have pissed a lot of money away but that’s par for the course. What they have done is get out from something that could get a lot worse. Probably a good call.

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23

heron on October 17, 2012 at 11:19 am

Emporiki has been the trash bin of Credit since the first day the acquired it (toxic products receiver). It was a healthy Bank before the socialists (Stournaras etc.) and the French.

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24

El.tel on October 17, 2012 at 10:57 am

Marie le pen must be loving this

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25

John Ward – Breaking – France On The Edge As Credit Agricole Sells Emporiki – … For One Euro – 17 October 2012 | Lucas 2012 Infos on October 17, 2012 at 10:42 am

[…] link to original article Share this:Share on Tumblr Pin ItDiggPrintEmailLike this:LikeBe the first to like this. This […]

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26

zoompad on October 17, 2012 at 9:56 am

Sorry to break the topic, but there is this as well: http://www.whatdotheyknow.com/request/complaint_about_newsnight#comment-16624
And Jeremy Paxman was hardly on Newsnight after that episode on 25th February 2008 with Stuart Syvret, Frank Walker and Esther Ranzen. Esther Ranzen watched a good man get sent to jail for blowing the whistle on the Haut de la Garenne child abuse. She should have tried to stop that happening. But I think NAPAC ‘s Peter Saunders is a big hypocrite to sack her, because he knew all about it as well and did nothing. And now the television people are directing child abuse victims to NAPAC, and NAPAC have let victims of abuse and whistleblowers be persecuted.

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27

zoompad on October 17, 2012 at 9:46 am

This is out of context, but I just found it and thought I should show it to you. http://article.wn.com/view/2012/05/23/Piers_Morgan_gave_me_phone_hack_lesson_Jeremy_Paxman_tells_L/

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28

Eleni on October 17, 2012 at 9:27 am

“Perhaps he should be Greece’s chief negotiator with the Troika.”

Good point, at least he plays hardball. A criminal, but they all are.

On the other hand, (re your earlier post “Breaking: Samaras coalition partner..”,) all we ever had to do was say NO.

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29

Stephenroi on October 17, 2012 at 9:21 am

According to the FT: “Emporiki has cost the French bank €9bn in writedowns, capital injections and acquisition costs over the past six years.”……

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30

Carys on October 17, 2012 at 8:54 am

My small understanding of French state finances leads me to think that they are and will remain quite a long way further from the edge than us. Their stupid banks apart, there is however one issue that really marks France apart and that is pension commitments. Why Hollande decided to cut the retirement age to 60 again, I really don’t know. Gestures are fine if you have the cash, but the French pay as you go system for pensions is so obviously under water, at least in the very near future, that I can only think he woke up with the wrong calculator, the one with only 10 zeros! Sarkozy at least understood the massive unfunded commitment to the retired and the borrowing requirement that it implies. That said, their pension system is at least immune to stock market movements and all that rubbish, and nobody is taking a healthy percentage for managing your funds, usually badly.

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31

kfc1404 on October 17, 2012 at 8:39 am

To be fair, they have all been on the edge but, they have been dragged back from the abyss by various schemes and ruses dreamt up by the architects of all this bollocks. I read a lot in the DT blogs and there a lots folks think that things are a bit calmer these days, particularly in the bond markets, funny isn’t it? It will be interesting when the US elections are over, that’s when things will really heat up.

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