Laiki loans given out without enough collateral says report

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Laiki loans given out without enough collateral...
 © CyprusMail 2022
Significant discrepancies existed between loans paid out by now-defunct Laiki Bank in Greece and collateral backing them, according to a 2012 report by PricewaterhouseCoopers (PwC), with losses estimated at least to €2.5 billion, Greek news portal To Kouti Tis Pandoras (Pandora’s Box) reported on Tuesday.

According to the report, which features most of Greece’s financial and business magnates, Laiki granted loans worth tens of millions – and, in some cases, hundreds of millions – but the value of assets guaranteeing the loans was, in most cases, well below the money paid out.

The news portal’s...


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Article automatically added to our system on Tuesday, March 8, 2016

Laiki loans given out without enough collateral says report


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