Greece
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Piraeus Bank

Bank of Greece Acquires Eurobank

With Greek banks still reeling from big losses imposed by the government in a desperate bid to write down its staggering $460 billion debt, shareholders at Eurobank have voted to accept a buyout offer from the National Bank of...

Prosecutor Probes New Democracy, PASOK Loans

While banks are pressing austerity-crushed Greeks to pay back their loans in full despite big pay cuts, tax hikes and slashed pensions, prosecutors are probing why the New Democracy and PASOK Socialist parties who are partners in a coalition...

Greek Banks Bad Loans Hit $62 Billion

Whacked by big losses from government-imposed debt write-downs on investors that means they will need a recapitalization of some 50 billion euros ($66 billion) Greek banks are also staggering under the weight of 46.8 billion euros ($61.8 billion) in...

Greek Banks Need $36.3 Billion Injection

Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking huge losses from the government-imposed debt swap earlier this year, the largest sovereign restructuring in history. The National Bank of Greece, the country’s...

Greece's Big Banks Need Bailout Too

Greece’s four biggest banks have reported they were so battered by losses imposed by a previous government on investors that they will need a 27.4 billion euros ($36.29 billion) injection as they try to stem more losses as the...

Piraeus Bank Reaches Final Deal for Geniki

Greece's Piraeus Bank said on Friday it had reached a final agreement to buy Geniki Bank, the ailing Greek unit of French lender Societe Generale. Societe Generale, which controls 99.1 percent of Geniki, had said in August that it was...

New Democracy, PASOK, Can't Pay Bank Loans

As Greece struggles through a crushing economic crisis with many people unable to pay debts because of big salary cuts and tax hikes,  the two parties that ruled Greece for four decades before this year’s elections produced a coalition...

Piraeus Bank Close to Buying French-backed Geniki

Piraeus Bank, Greece's fourth-largest lender, is close to a deal to buy Geniki Bank, media reports said on Aug. 29. Talks between the banks were said to be at an advanced stage and a deal could be reached as...

Greece Finds the Answer – Arrest All Debtors (If They’re Poor)

ATHENS -  Not content with taxing the poor to protect the rich, Greece is putting the arm on the penniless, starting with the arrest of an unemployed Cretan father of seven, whose wife was also jobless. He owed the...

Piraeus Bank Takes Over Ailing ATEbank

ATHENS – The Greek government has agreed to hand over the performing loans and healthy assets of nearly-insolvent state-run ATEbank to the privately-run Piraeus Bank to keep it from closing, but the toxic assets will be given to the...