Laiki could not have known extent of losses in 2011, court told

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Laiki could not have known extent of losses in...
 © CyprusMail 2018
Conditions did not permit an accurate calculation of the losses inflicted on Laiki by the EU’s decision to write-down Greece’s debt in 2011 and the lender’s reduction in goodwill, an expert witness testified in court on Monday.

Senior Bank of Greece (central bank) official Michail Michalopoulos said by June 30, 2011 there had been no proof that future Greek government bond (GGB) payments would be taking place.

Michalopoulos, who is in Cyprus to testify on behalf of former Laiki executive Efthimios Bouloutas, said the first GGB write-down, announced in July 2011, was not implemented,...


Laiki could not have known extent of losses in 2011, court told


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