Tales from the Coffeeshop: Taken for a ride as banking loses human face

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Tales from the Coffeeshop: Taken for a ride as...
 © CyprusMail 2020
OUR SENSITIVE and caring politicians were inconsolable last week and unable to stem the flow of tears as the government pitilessly ended a century of ‘banking with a human face’ by dissolving the Cyprus Co-operative Bank (CCB).

The deal the government struck with Hellenic Bank smacked of desperation as it envisaged donating the CCB’s €9.7bn worth of deposits and €10.3bn of assets, including a €4.6bn loan portfolio (only €500 million of NPLs will be handed to Hellenic), to Hellenic, which in return would have to undertake an increase in its capital. The...


This article was automatically added to our system 24-6-2018

Tales from the Coffeeshop: Taken for a ride as banking loses human face


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