Quel\u00adle:
\nThe Gre\u00adat Greek Bank Robbery<\/a><\/p>\n
| \nATHENS<\/span> \u2013 Sin\u00adce 2008, bank bai\u00adlouts have ent\u00adail\u00aded a signi\u00adfi\u00adcant trans\u00adfer of pri\u00adva\u00adte los\u00adses to tax\u00adpayers in Euro\u00adpe and the United Sta\u00adtes. The latest Greek bank bai\u00adlout con\u00adsti\u00adtu\u00adtes a cau\u00adtio\u00adna\u00adry tale about how poli\u00adtics \u2013 in this case, Europe\u2019s \u2013 is geared toward maxi\u00admi\u00adzing public los\u00adses for que\u00adstionable pri\u00adva\u00adte benefits.\n In 2012, the insol\u00advent Greek sta\u00adte bor\u00adro\u00adwed \u20ac41 bil\u00adli\u00adon ($45 bil\u00adli\u00adon, or 22% of Greece\u2019s shrin\u00adking natio\u00adnal inco\u00adme) from Euro\u00adpean tax\u00adpayers to reca\u00adpi\u00adta\u00adli\u00adze the country\u2019s insol\u00advent com\u00admer\u00adcial banks. For an eco\u00adno\u00admy in the clut\u00adches of unsu\u00ads\u00adtainable debt, and the asso\u00adcia\u00adted debt-defla\u00adti\u00adon spi\u00adral, the new loan and the strin\u00adgent austeri\u00adty on which it was con\u00addi\u00adtio\u00adned were a ball and chain. At least, Greeks were pro\u00admi\u00adsed, this bai\u00adlout would secu\u00adre the country\u2019s banks once and for all.<\/p>\n In 2013, once that tran\u00adche of funds had been trans\u00adfer\u00adred by the Euro\u00adpean Finan\u00adcial Sta\u00adbi\u00adli\u00adty Faci\u00adli\u00adty (EFSF<\/span>), the eurozone\u2019s bai\u00adlout fund, to its Greek fran\u00adchise, the Hel\u00adle\u00adnic Finan\u00adcial Sta\u00adbi\u00adli\u00adty Faci\u00adli\u00adty, the HFSF<\/span> pum\u00adped appro\u00adxi\u00adm\u00adate\u00adly \u20ac40 bil\u00adli\u00adon into the four \u201csyste\u00admic\u201d banks in exch\u00adan\u00adge for non-voting shares.<\/p>\n A few months later, in the autumn of 2013, a second reca\u00adpi\u00adta\u00adlizati\u00adon was orche\u00adstra\u00adted, with a new share issue. To make the new shares attrac\u00adti\u00adve to pri\u00adva\u00adte inve\u00adstors, Greece\u2019s \u201ctroi\u00adka\u201d of offi\u00adci\u00adal cre\u00addi\u00adtors (the Inter\u00adna\u00adtio\u00adnal Mone\u00adta\u00adry Fund, Euro\u00adpean Cen\u00adtral Bank, and the Euro\u00adpean Com\u00admis\u00adsi\u00adon) appro\u00adved offe\u00adring them at a remar\u00adkab\u00adle 80% dis\u00adcount on the pri\u00adces that the HFSF<\/span>, on behalf of Euro\u00adpean tax\u00adpayers, had paid a few months ear\u00adlier. Cru\u00adci\u00adal\u00adly, the HFSF<\/span> was pre\u00adven\u00adted from par\u00adti\u00adci\u00adpa\u00adting, impo\u00adsing upon tax\u00adpayers a mas\u00adsi\u00adve diluti\u00adon of their equi\u00adty stake.<\/p>\n Sens\u00ading poten\u00adti\u00adal gains at tax\u00adpayers\u2019 expen\u00adse, for\u00adeign hedge funds rus\u00adhed in to take advan\u00adta\u00adge. As if to pro\u00adve that it under\u00ads\u00adtood the impro\u00adprie\u00adty invol\u00adved, the Troi\u00adka com\u00adpel\u00adled Greece\u2019s govern\u00adment to immu\u00adni\u00adze the HFSF<\/span> board mem\u00adbers from cri\u00admi\u00adnal pro\u00adse\u00adcu\u00adti\u00adon for not par\u00adti\u00adci\u00adpa\u00adting in the new share offer and for the resul\u00adting dis\u00adap\u00adpear\u00adance of half of the tax\u00adpayers\u2019 \u20ac41 bil\u00adli\u00adon capi\u00adtal injection.<\/p>\n The Troi\u00adka cele\u00adbra\u00adted the hedge funds\u2019 inte\u00adrest as evi\u00addence that its bank bai\u00adlout had inspi\u00adred pri\u00adva\u00adte-sec\u00adtor con\u00adfi\u00addence. But the absence of long-term inve\u00adstors reve\u00ada\u00adled that the capi\u00adtal inflow was purely spe\u00adcu\u00adla\u00adti\u00adve. Serious inve\u00adstors under\u00ads\u00adtood that the banks remain\u00aded in serious trou\u00adble, despi\u00adte the lar\u00adge injec\u00adtion of public funds. After all, Greece\u2019s Gre\u00adat Depres\u00adsi\u00adon had cau\u00adsed the share of non-per\u00adforming loans (NPLs) to rise to 40%.<\/p>\n In Febru\u00adary 2014, months after the second reca\u00adpi\u00adta\u00adlizati\u00adon, the asset manage\u00adment com\u00adpa\u00adny Black\u00adrock repor\u00adted that the bur\u00adgeo\u00adning volu\u00adme of NPLs neces\u00adsi\u00adta\u00adted a sub\u00adstan\u00adti\u00adal third reca\u00adpi\u00adta\u00adlizati\u00adon. By June 2014, the IMF<\/span> was lea\u00adking reports that more than \u20ac15 bil\u00adli\u00adon was nee\u00added to resto\u00adre the banks\u2019 capi\u00adtal \u2013 a gre\u00adat deal more money than was left in Greece\u2019s second bai\u00adlout package.<\/p>\n By the end of 2014, with Greece\u2019s second bai\u00adlout run\u00adning out of time and cash, and the govern\u00adment nur\u00adsing ano\u00adther \u20ac22 bil\u00adli\u00adon of unfun\u00added debt repayments for 2015, Troi\u00adka offi\u00adci\u00adals were in no doubt. To main\u00adtain the pre\u00adten\u00adse that the Greek \u201cpro\u00adgram\u201d was on track, a third bai\u00adlout was required.<\/p>\n The pro\u00adblem with pushing through a third bai\u00adlout was two\u00adfold. First, the Troi\u00adka-fri\u00adend\u00adly Greek govern\u00adment had sta\u00adked its poli\u00adti\u00adcal sur\u00advi\u00adval on the pledge that the country\u2019s second bai\u00adlout would be com\u00adple\u00adted by Decem\u00adber 2014 and would be its last. Seve\u00adral euro\u00adzo\u00adne govern\u00adments had secu\u00adred their par\u00adlia\u00adments\u2019 agree\u00adment by making the same pledge. The fall\u00adout was that the govern\u00adment col\u00adlap\u00adsed and, in Janu\u00adary 2015, our Syri\u00adza govern\u00adment was elec\u00adted with a man\u00adda\u00adte to chall\u00adenge the very logic of the\u00adse \u201cbai\u00adlouts.\u201d<\/p>\n As the new government\u2019s finan\u00adce mini\u00adster, I was deter\u00admi\u00adned that any new bank reca\u00adpi\u00adta\u00adlizati\u00adon should avo\u00adid the pit\u00adfalls of the first two. New loans should be secu\u00adred only after Greece\u2019s debt had been ren\u00adde\u00adred via\u00adble, and no new public funds should be injec\u00adted into the com\u00admer\u00adcial banks unless and until a spe\u00adcial-pur\u00adpo\u00adse insti\u00adtu\u00adti\u00adon \u2013 a \u201cbad bank\u201d \u2013 was estab\u00adlished to deal with their NPLs.<\/p>\n Unfort\u00adu\u00adn\u00ada\u00adte\u00adly, the Troi\u00adka was not inte\u00adre\u00adsted in a ratio\u00adnal solu\u00adti\u00adon. Its aim was to crush a govern\u00adment that dared chall\u00adenge it. And crush us it did by engi\u00adnee\u00adring a six-month-long bank run, shut\u00adting down the Greek banks in June, and caus\u00ading Prime Mini\u00adster Alexis Tsipras\u2019s capi\u00adtu\u00adla\u00adti\u00adon to the Troika\u2019s third bai\u00adlout loan in July.<\/p>\n The first signi\u00adfi\u00adcant move was a third reca\u00adpi\u00adta\u00adlizati\u00adon of the banks in Novem\u00adber. Tax\u00adpayers con\u00adtri\u00adbu\u00adted ano\u00adther \u20ac6 bil\u00adli\u00adon, through the HFSF<\/span>, but were again pre\u00adven\u00adted from purcha\u00adsing the shares offe\u00adred to pri\u00adva\u00adte investors.<\/p>\n As a result, despi\u00adte capi\u00adtal injec\u00adtions of appro\u00adxi\u00adm\u00adate\u00adly \u20ac47 bil\u00adli\u00adon (\u20ac41 bil\u00adli\u00adon in 2013 and ano\u00adther \u20ac6 bil\u00adli\u00adon in 2015), the taxpayer\u2019s equi\u00adty share drop\u00adped from more than 65% to less than 26%, while hedge funds and for\u00adeign inve\u00adstors (for exam\u00adp\u00adle, John Paul\u00adson, Brook\u00adfield, Fair\u00adfax, Wel\u00adling\u00adton, and High\u00adfields) grab\u00adbed 74% of the banks\u2019 equi\u00adty for a mere \u20ac5.1 bil\u00adli\u00adon invest\u00adment. Alt\u00adhough hedge funds had lost money sin\u00adce 2013, the oppor\u00adtu\u00adni\u00adty to taking over Greece\u2019s enti\u00adre ban\u00adking system for such a palt\u00adry sum pro\u00adved irre\u00adsi\u00adsti\u00adbly tempting.<\/p>\n The result is a ban\u00adking system still awa\u00adsh in NPLs and buf\u00adfeted by con\u00adti\u00adnuing rece\u00ads\u00adsi\u00adon. And with the latest round of reca\u00adpi\u00adta\u00adlizati\u00adon, the cost of the Troika\u2019s deter\u00admi\u00adna\u00adti\u00adon to stick to the prac\u00adti\u00adce of extend-and-pre\u00adtend bai\u00adlout loans just got hig\u00adher. Never befo\u00adre have tax\u00adpayers con\u00adtri\u00adbu\u00adted so much to so few for so little. <\/p><\/td>\n | \n \n<\/td>\n | ATHEN<\/span> - Seit 2008 haben Ban\u00adken\u00adret\u00adtun\u00adgen einen bedeu\u00adten\u00adden Trans\u00adfer von pri\u00adva\u00adten Ver\u00adlu\u00adsten auf die Steu\u00ader\u00adzah\u00adler in Euro\u00adpa und den Ver\u00adei\u00adnig\u00adten Staa\u00adten mit sich gebracht. Die letz\u00adte grie\u00adchi\u00adsche Ban\u00adken\u00adret\u00adtung stellt ein war\u00adnen\u00addes Bei\u00adspiel dazu dar, wie die\u00adse Poli\u00adtik - hier die Euro\u00adpas \u2013 auf die Maxi\u00admie\u00adrung \u00f6ffent\u00adli\u00adcher Ver\u00adlu\u00adste f\u00fcr frag\u00adw\u00fcr\u00addi\u00adgen pri\u00adva\u00adten Nut\u00adzen aus\u00adge\u00adrich\u00adtet ist.\n 2012 lieh der insol\u00adven\u00adte grie\u00adchi\u00adsche Staat 41 Mrd. \u20ac (US<\/span>$ 45 Bil\u00adlio\u00adnen), ent\u00adspre\u00adchend 22% des geschrumpf\u00adten grie\u00adchi\u00adschen Natio\u00adnal\u00adein\u00adkom\u00admens vom euro\u00adp\u00e4i\u00adschen Steu\u00ader\u00adzah\u00adler, um insol\u00adven\u00adte Ban\u00adken des Lan\u00addes zu reka\u00adpi\u00adta\u00adli\u00adsie\u00adren. F\u00fcr eine Wirt\u00adschaft im W\u00fcr\u00adge\u00adgriff untrag\u00adba\u00adrer Schul\u00adden, und der damit ver\u00adbun\u00adde\u00adnen Schul\u00adden-Defla\u00adti\u00adons-Spi\u00adra\u00adle, wur\u00adde der neue Kre\u00addit und die damit ein\u00adher\u00adge\u00adhen\u00adde stren\u00adge Spar\u00adpo\u00adli\u00adtik zum Klotz am Bein. Zumin\u00addest, so wur\u00adde den Grie\u00adchen ver\u00adspro\u00adchen, w\u00fcr\u00adde die\u00adse<\/strong> Ret\u00adtungs\u00adak\u00adti\u00adon die Ban\u00adken des Lan\u00addes ein f\u00fcr alle Mal absichern.<\/p>\n Im Jahr 2013 nach\u00addem die\u00adse Tran\u00adche des Fonds von der EFSF<\/span>, dem Ret\u00adtungs\u00adfonds der Euro\u00adzo\u00adne, auf sein grie\u00adchi\u00adsches Pen\u00addant HFSF<\/span>, \u00fcber\u00adtra\u00adgen wor\u00adden war, pump\u00adte die\u00adser ca. 40 Mrd. \u20ac in die vier \"system\u00adre\u00adle\u00advan\u00adten\" Ban\u00adken im Aus\u00adtausch f\u00fcr Akti\u00aden ohne Stimmrecht.<\/p>\n Ein paar Mona\u00adte sp\u00e4\u00adter, im Herbst 2013 wur\u00adde eine zwei\u00adte Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung orche\u00adstriert, mit der Aus\u00adga\u00adbe neu\u00ader Akti\u00aden. Um die neu\u00aden Akti\u00aden f\u00fcr pri\u00adva\u00adte Inve\u00adsto\u00adren attrak\u00adtiv zu machen, bot die \"Troi\u00adka\" (der Inter\u00adna\u00adtio\u00adna\u00adle W\u00e4h\u00adrungs\u00adfonds, die Euro\u00adp\u00e4i\u00adsche Zen\u00adtral\u00adbank und die Euro\u00adp\u00e4i\u00adsche Kom\u00admis\u00adsi\u00adon), offi\u00adzi\u00adel\u00adler Gl\u00e4u\u00adbi\u00adger der Grie\u00adchen, pri\u00adva\u00adten Anle\u00adgern die\u00adse Akti\u00aden mit einem bemer\u00adkens\u00adwer\u00adten Rabatt von 80% auf die Prei\u00adse, die das HFSF<\/span> im Namen der euro\u00adp\u00e4i\u00adschen Steu\u00ader\u00adzah\u00adler ein paar Mona\u00adte fr\u00fc\u00adher gezahlt hat\u00adte, an. Ent\u00adschei\u00addend dabei war, dass die HFSF<\/span> von der Teil\u00adnah\u00adme am Ankauf aus\u00adge\u00adschlos\u00adsen war, was f\u00fcr die Steu\u00ader\u00adzah\u00adler zu einem mas\u00adsi\u00adven Wert\u00adver\u00adlust ihrer Inve\u00adsti\u00adti\u00adon gef\u00fchrt hat.<\/p>\n Poten\u00adzi\u00adel\u00adle Gewin\u00adne auf Kosten der Steu\u00ader\u00adzah\u00adler erah\u00adnend eil\u00adten aus\u00adl\u00e4n\u00addi\u00adsche Hedge\u00adfonds her\u00adbei um abzu\u00adsah\u00adnen. Wie um zu bewei\u00adsen, dass sie die Unge\u00adh\u00f6\u00adrig\u00adkeit ver\u00adst\u00fcn\u00adden, zwang die Troi\u00adka Grie\u00adchen\u00adlands Regie\u00adrung die HFSF<\/span> Vor\u00adstands\u00admit\u00adglie\u00adder von Straf\u00adver\u00adfol\u00adgung frei zu stel\u00adlen daf\u00fcr, dass sie sich nicht am neu\u00aden Akti\u00aden\u00adan\u00adge\u00adbot betei\u00adlig\u00adten und den sich dadurch erge\u00adben\u00adden Ver\u00adlust der H\u00e4lf\u00adte der 41 Mil\u00adli\u00adar\u00adden \u20ac Kapi\u00adtal\u00aderh\u00f6\u00adhung auf Kosten der Steu\u00ader\u00adzah\u00adler hin\u00adge\u00adnom\u00admen zu haben.<\/p>\n Die Troi\u00adka fei\u00ader\u00adte das Inter\u00ades\u00adse der Hedge-Fonds als Beweis daf\u00fcr, dass ihre Ban\u00adken\u00adret\u00adtung das Ver\u00adtrau\u00aden des pri\u00adva\u00adten Sek\u00adtors inspi\u00adriert habe. Aber das Feh\u00adlen lang\u00adfri\u00adsti\u00adger Inve\u00adsto\u00adren ergab, dass der Kapi\u00adtal\u00adzu\u00adfluss rein spe\u00adku\u00adla\u00adtiv war. Seri\u00f6\u00adse Inve\u00adsto\u00adren ver\u00adstan\u00adden, dass die Ban\u00adken wei\u00adter\u00adhin in ernst\u00adhaf\u00adten Schwie\u00adrig\u00adkei\u00adten ver\u00adblie\u00adben, und das trotz des gro\u00ad\u00dfen Ein\u00adsat\u00adzes von \u00f6ffent\u00adli\u00adchen Mit\u00adteln. Immer\u00adhin hat\u00adte Grie\u00adchen\u00adlands Gro\u00ad\u00dfe Depres\u00adsi\u00adon den Anteil der Non-Per\u00adforming Loans (NPLs) auf bis zu 40% stei\u00adgen lassen.<\/p>\n Im Febru\u00adar 2014, Mona\u00adte nach der zwei\u00adten Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung, berich\u00adte\u00adte die Kapi\u00adtal\u00adan\u00adla\u00adge\u00adge\u00adsell\u00adschaft Black\u00adrock, dass das wach\u00adsen\u00adde Volu\u00admen der not\u00adlei\u00adden\u00adden Kre\u00addi\u00adte eine wesent\u00adli\u00adche drit\u00adte Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung erfor\u00adder\u00adlich machen w\u00fcr\u00adde. Im Juni 2014 sicker\u00adte von Sei\u00adten des IWF<\/span> durch, dass mehr als 15 Mrd. \u20ac ben\u00f6\u00adtigt w\u00fcr\u00adden um die Kapi\u00adtal\u00adaus\u00adstat\u00adtung der Ban\u00adken abzu\u00adsi\u00adchern - sehr viel mehr Geld als im zwei\u00adten Ret\u00adtungs\u00adpa\u00adket Grie\u00adchen\u00adlands \u00fcbrig warn.<\/p>\n Gegen Ende des Jah\u00adres 2014, als dem zwei\u00adten Ret\u00adtungs\u00adpa\u00adket Grie\u00adchen\u00adlands Zeit und Geld aus\u00adgin\u00adgen, und die Regie\u00adrung kei\u00adne Mit\u00adtel mehr hat\u00adte um wei\u00adte\u00adre 22 Mrd. \u20ac der nicht fonds\u00adfi\u00adnan\u00adzier\u00adten Schul\u00adden\u00adr\u00fcck\u00adzah\u00adlun\u00adgen f\u00fcr das Jahr 2015 zu zah\u00adlen, hat\u00adten die Troi\u00adka Offi\u00adzi\u00adel\u00adlen immer noch kei\u00adne Zwei\u00adfel. Um den Anschein zu erwecken das grie\u00adchi\u00adsche \"Pro\u00adgramm\" sei noch auf dem rich\u00adti\u00adgen Weg wur\u00adde eine drit\u00adte Ret\u00adtungs\u00adak\u00adti\u00adon erforderlich.<\/p>\n Bei der Durch\u00adset\u00adzung einer drit\u00adten Ret\u00adtungs\u00adak\u00adti\u00adon gab es ein zwei\u00adfa\u00adches Pro\u00adblem. Zun\u00e4chst hat\u00adte die Troi\u00adka-freund\u00adli\u00adche grie\u00adchi\u00adsche Regie\u00adrung ihr poli\u00adti\u00adsches \u00dcber\u00adle\u00adben an dem Ver\u00adspre\u00adchen fest\u00adge\u00admacht das zwei\u00adte Ret\u00adtungs\u00adpa\u00adket des Lan\u00addes sei bis Dezem\u00adber 2014 fer\u00adtig gestellt und es w\u00e4ren kei\u00adne wei\u00adte\u00adren Ret\u00adtungs\u00adpa\u00adke\u00adte n\u00f6tig. Meh\u00adre\u00adre Regie\u00adrun\u00adgen der Euro\u00adzo\u00adne hat\u00adten das Ein\u00adver\u00adst\u00e4nd\u00adnis ihrer Par\u00adla\u00admen\u00adte erreicht indem sie das glei\u00adche Ver\u00adspre\u00adchen abga\u00adben. Der Unter\u00adgang bahn\u00adte sich dadurch an, dass die alte Regie\u00adrung zusam\u00admen\u00adbrach und im Janu\u00adar 2015 unse\u00adre Syri\u00adza\u00adre\u00adgie\u00adrung mit dem Auf\u00adtrag gew\u00e4hlt wur\u00adde, die Logik die\u00adser \"Ret\u00adtungs\u00adpa\u00adke\u00adte\" kri\u00adtisch zu pr\u00fcfen.<\/p>\n Als Finanz\u00admi\u00adni\u00adster der neu\u00aden Regie\u00adrung war ich ent\u00adschlos\u00adsen jede neue Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung von Ban\u00adken nur so zu gestal\u00adten, dass sie die Fall\u00adstricke der ersten bei\u00adden Ret\u00adtungs\u00adpa\u00adke\u00adte ver\u00admei\u00adden w\u00fcr\u00adden. Neue Kre\u00addi\u00adte soll\u00adten erst auf\u00adge\u00adnom\u00admen wer\u00adden nach\u00addem Grie\u00adchen\u00adlands Schul\u00adden sich als bezahl\u00adbar erwie\u00adsen h\u00e4t\u00adten, und es soll\u00adten kei\u00adne neu\u00aden \u00f6ffent\u00adli\u00adchen Mit\u00adtel in die Gesch\u00e4fts\u00adban\u00adken gesteckt wer\u00adden, sofern und solan\u00adge kein Zweck\u00adin\u00adsti\u00adtut - eine \"Bad Bank\" \u2013 geschaf\u00adfen wor\u00adden sei, um mit den NPLs [non-per\u00adforming loans (NPLs)] umzugehen.<\/p>\n Lei\u00adder war die Troi\u00adka nicht dar\u00adan inter\u00ades\u00adsiert, eine ver\u00adn\u00fcnf\u00adti\u00adge L\u00f6sung zu schaf\u00adfen. Ziel war es, eine Regie\u00adrung, die es wag\u00adte das Troi\u00adka\u00advor\u00adge\u00adhen in Fra\u00adge zu stel\u00adlen, zu ver\u00adnich\u00adten. Und mit\u00adtels eines sechs Mona\u00adte lan\u00adgen Bank-Runs, der zur Schlie\u00ad\u00dfung der grie\u00adchi\u00adschen Ban\u00adken im Juni f\u00fchr\u00adte, erzwang man die Kapi\u00adtu\u00adla\u00adti\u00adon von Pre\u00admier\u00admi\u00adni\u00adster Alexis Tsi\u00adpras und die Annah\u00adme des drit\u00adten Ret\u00adtungs\u00adpa\u00adke\u00adtes der Troi\u00adka im Juli.<\/p>\n Der erste wirk\u00adlich bedeut\u00adsa\u00adme Schritt war eine drit\u00adte Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung der Ban\u00adken im Novem\u00adber. Die Steu\u00ader\u00adzah\u00adler tru\u00adgen durch die HFSF<\/span> wei\u00adte\u00adre 6 Mrd. \u20ac bei, wur\u00adden aber wie\u00adder am Kauf der f\u00fcr pri\u00adva\u00adten Inve\u00adsto\u00adren ange\u00adbo\u00adte\u00adnen Akti\u00aden gehindert.<\/p>\n Trotz Kapi\u00adtal\u00adzu\u00adf\u00fch\u00adrun\u00adgen von rund 47 Mrd. \u20ac (im Jahr 2013 41 Mrd. \u20ac und im Jahr 2015 wei\u00adte\u00adre 6 Mrd. \u20ac) sank im Ergeb\u00adnis der Eigen\u00adka\u00adpi\u00adtal\u00adan\u00adteil der Steu\u00ader\u00adzah\u00adler von mehr als 65% auf weni\u00adger als 26%, w\u00e4h\u00adrend Hedge\u00adfonds und aus\u00adl\u00e4n\u00addi\u00adsche Inve\u00adsto\u00adren (zum Bei\u00adspiel John Paul\u00adson, Brook\u00adfield, Fair\u00adfax, Wel\u00adling\u00adton und High\u00adfields) sich 74% des Eigen\u00adka\u00adpi\u00adtals der Ban\u00adken f\u00fcr eine ledig\u00adlich 5,1 Mrd. \u20ac betra\u00adgen\u00adde Inve\u00adsti\u00adti\u00adons\u00adsum\u00adme schnapp\u00adten. Obwohl die Hedge\u00adfonds seit 2013 Geld ver\u00adlo\u00adren hat\u00adten, war die M\u00f6g\u00adlich\u00adkeit Grie\u00adchen\u00adlands gesam\u00adtes Ban\u00adken\u00adsy\u00adstem f\u00fcr einen so l\u00e4cher\u00adli\u00adchen Betrag zu \u00fcber\u00adneh\u00admen unwi\u00adder\u00adsteh\u00adlich verlockend.<\/p>\n Das Ergeb\u00adnis ist ein Ban\u00adken\u00adsy\u00adstem, das immer noch von NPLs \u00fcber\u00adflu\u00adtet und von anhal\u00adten\u00adder Rezes\u00adsi\u00adon gebeu\u00adtelt ist. Bei der letz\u00adten Run\u00adde der Reka\u00adpi\u00adta\u00adli\u00adsie\u00adrung stei\u00adger\u00adten sich die Kosten wei\u00adter, da die Troi\u00adka mit Ent\u00adschlos\u00adsen\u00adheit an ihrer Pra\u00adxis \u201ezu-ver\u00adl\u00e4n\u00adgern-und-so-tun-als-ob-es-hilft\u201c<\/em> fest\u00adhielt. Nie zuvor haben die Steu\u00ader\u00adzah\u00adler so Viel f\u00fcr so Weni\u00adge f\u00fcr so wenig Gegen\u00adlei\u00adstung zah\u00adlen m\u00fcssen.<\/em><\/strong> Quel\u00adle: The Gre\u00adat Greek Bank Rob\u00adbe\u00adry ATHENS<\/span> \u2013 Sin\u00adce 2008, bank bai\u00adlouts have ent\u00adail\u00aded a signi\u00adfi\u00adcant trans\u00adfer of pri\u00adva\u00adte los\u00adses to tax\u00adpayers in Euro\u00adpe and the United Sta\u00adtes. The latest Greek bank bai\u00adlout con\u00adsti\u00adtu\u00adtes a cau\u00adtio\u00adna\u00adry tale about how poli\u00adtics \u2013 in this case, Europe\u2019s \u2013 is geared toward maxi\u00admi\u00adzing public los\u00adses for que\u00adstionable private [\u2026]<\/p>\n","protected":false},"author":561,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[1691,131,281],"tags":[4852,4850,4851,4409],"class_list":["post-75965","post","type-post","status-publish","format-standard","hentry","category-1691","category-kaum-zu-glauben","category-markt-geld","tag-47-billion-euros-sold-for-5-1-billion","tag-greek-bailout-robbing-the-european-citizens-of-their-money-handing-it-over-to-hedge-funds","tag-schaeuble-plan","tag-troika"],"_links":{"self":[{"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/posts\/75965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/users\/561"}],"replies":[{"embeddable":true,"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/comments?post=75965"}],"version-history":[{"count":0,"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/posts\/75965\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/media?parent=75965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/categories?post=75965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.re-actio.com\/wordpress\/wp-json\/wp\/v2\/tags?post=75965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} |