“It is unfair to claim that banks received money from the State. They did take money, but they had previously written off claims against the Greek State with the PSI and the State returned part of it to them in order to operate. I have the feeling that the sale of the banks’ shares together with the writing off of their claims against the Greek State is more money than what the State put in to cover the PSI funds,” Lyktos Group president and honorary Piraeus Bank chairman Michalis Sallas said in an interview with Naftemporiki TV.
He spoke about the turbulent period of the crisis which cost approximately 1 trillion euros in private assets.
He referred to the 27 bank mergers carried out by Piraeus Bank and focused on the March 2013 merger of the branches of the Cypriot banks which was necessary in order to avoid creating a problem for the Greek banks.
He spoke about the beginning of the crisis with the bankruptcy of Lehman Brothers and explained what could have been avoided if measures had been taken.
Speaking about bad loans, he pointed out that if his plan for sale and lease back had been implemented, this problem would have been definitively resolved.
The reason why this proposal did not proceed was the harsh punitive perception of the troika for Greece. He noted that the European family was not ready to support our country, however, without Europe we would have disintegrated.
He also referred to the reduction of bank branches and staff and the difficulty for many people to operate through electronic banking alone.
Another development model
“Another development model is required for the country, which must become more competitive. Tourism alone cannot solve the country’s problem. Tourism is a good tool but it is not enough,” he concluded.
