Ten years ago today, in one of the most fraught episodes of Europe’s debt crisis, euro-area finance ministers met in Brussels and decided that part of the cost of recapitalising Cyprus’s insolvent banks would be borne by depositors.
"But because it’s so small — and I hope my Cypriot friends will forgive me for saying this — you forget about it quickly once you look away."
True, same here.
Somewhere in the backdrop of this drama, there were also some Cypriot bank branches here in Greece, that were cut out and absorbed by the local banks. The "ring fencing" it was called, I believe.
And by "absorbed by the local banks", we're really talking about "absorbed by Piraeus". An episode in what we were saying just the other day, about how an interesting subplot in the crisis was TPEIR's rise from nowhere into what was at one point Greece's biggest bank by total assets.
Riiiight, I had no good recollection (I kinda mixed the Cypriot banks with marfin, which also had acquired another Cypriot bank? Ohhh my head) but yes, you set the record straight sir.
Yes, Marfin Popular Bank. It was incorporated in Cyprus, though with a duel listing in Nicosia and Athens (like Bank of Cyprus). They rebranded themselves back to Cyprus Popular Bank post-Vgenopoulos.
Those were the names I used for them when writing for the International financial press back in the day, but I went with calling them Laiki here. Sallas hoovered up both their and Bank of Cyprus's Greek branches.
Neat sketch, thanks. I think that the small Cypriot "Hellenic Bank", a couple of branches or so, got scooped, too, by Big Mama Pire.
Now the discussion just popped out that MPB TV campaign (featuring a swimmer bouncing back from the depth or sth), literally just days before the endgame. Iconic, and ironic.
Hey Marcus, a well written refresher!
"But because it’s so small — and I hope my Cypriot friends will forgive me for saying this — you forget about it quickly once you look away."
True, same here.
Somewhere in the backdrop of this drama, there were also some Cypriot bank branches here in Greece, that were cut out and absorbed by the local banks. The "ring fencing" it was called, I believe.
And by "absorbed by the local banks", we're really talking about "absorbed by Piraeus". An episode in what we were saying just the other day, about how an interesting subplot in the crisis was TPEIR's rise from nowhere into what was at one point Greece's biggest bank by total assets.
Riiiight, I had no good recollection (I kinda mixed the Cypriot banks with marfin, which also had acquired another Cypriot bank? Ohhh my head) but yes, you set the record straight sir.
Yes, Marfin Popular Bank. It was incorporated in Cyprus, though with a duel listing in Nicosia and Athens (like Bank of Cyprus). They rebranded themselves back to Cyprus Popular Bank post-Vgenopoulos.
Those were the names I used for them when writing for the International financial press back in the day, but I went with calling them Laiki here. Sallas hoovered up both their and Bank of Cyprus's Greek branches.
Neat sketch, thanks. I think that the small Cypriot "Hellenic Bank", a couple of branches or so, got scooped, too, by Big Mama Pire.
Now the discussion just popped out that MPB TV campaign (featuring a swimmer bouncing back from the depth or sth), literally just days before the endgame. Iconic, and ironic.