Greek CDS-Buying Villain Hellenic Postbank To Be First Casuality Of Hellenic "No Bid" Privatization Reality

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Votewithabullet's picture

Ok this is Nobel prize shit. My big fat Greek bailout. Has that been used before. Fucking priceless. Danke

oogs66's picture

I would not buy anything that relied on getting payments from Greek citizens, or would at least demand a huge discount.  The possibility of future nationalization is real and should not be ignored. 

TheTmfreak's picture

Right. There is no evidence to remotely suggest that anything positive is going to come about with Greece. Yeah the government is "oh so bad" and the loans are bad and so on, but what about the populace trying to replace the government? Freedom fighters? More like hardcore socialists that don't want the goodies to stop, and therefore will force those who have to give to those who don't. Those who can, will work for those who can't (or actually won't is a better term.)

Mr.Kowalski's picture

Lloyd would be jealous.

Manthong's picture

On one hand most of tht stuff shouldn't have been state owned to begin with, but on the other it's criminal to haircut the public and hand it back to other banksters at a discount.

Life of Illusion's picture



Bankers will arrange assets liquidation for SWF’s and politically correct dollar reserve holders.


Urban Redneck's picture

Restructuring Survival for Greek Dummies:

Offload cost centers first, let your creditors choke trying turn them green, and reduce your own operating expenses in the process.

Hold on to revenue centers as long as possible, since taxes will necessarily have to rise to make up the revenue shortfall once the cash from the sale is blown (Heaven forbid they have to rise far enough to match German creditors').

Otherwise, you play right into the creditors' hands and dig yourself a deeper grave.

Pseudo Anonym's picture

Secretary for Privatization G. Christodoulakis and bank representatives

"bank" representatives:  and here come the hofjuden with their "price-less" confetti to snap up real and valuable assets.  sounds like a fair trade to me. Even though Jesus did not think so and kicked the joo money changers out of the chapel.  And then the money changers dealt with him.  No doubt the money changers off-loaded the cost of crucifixion on to the taxpayers.  nothing ever changes.

aerial view's picture

Sad that one of the originators of democracy have been so easily swindled by the bankstas.

Drachma's picture

You might want to reconsider your history. Greece never originated anything in the form of democracy. That's just the 'education' fed to the profain masses. Ancient Greece vascilated between outright dictatorship, oligarchy, tyrrany, plutarchy, take your pick, but never a real democracy. Besides democracy is over-rated. Give me a republic based on individual rights and freedoms, not a system where less than 50% of the populous can vote to take away the rights of the rest. Are you an American citizen? Do you live in a democracy? I thought the USA was a constitutional republic. There is a big difference.

StychoKiller's picture

Ancient Greek method of implementing law(s):

"Anyone wishing to propose a new law had to do so while standing on a public platform with a rope around their neck. If the law was passed, the rope was removed. If the law was voted down, the platform was removed."

disabledvet's picture

interesting.  "the post office is for sale."  does it come with the employees i wonder?  i've got a line in with The Donald--"he thinks we can make it work."  New York style of course.

Jack Sheet's picture

a long privatization list in today's Handelsblatt (some overlap with Tyler's list):

-Hellenic Telecom, state quota 20% of shares (deutsche telekom 30%)

-The state quota of Athens international airport is 55%, 40% of shares owned by Hochtief who also manage the airport

-30 regional airports

-Casino Mount Parnes (Athens)

- state lottery, + Opap gaming company which is stock exchange listed

- water utilities of Athens & Thessaloniki, Depa Gas. Note state quota of electricity utility company DEI is 51% but the unions are militant. No joy there

-Postbank, state quota 34% of shares, 77% of ATE bank

-state railways are a basket case, huge losses.

-harbours: state quota of Piraeus and Thessaloniki is 74%. Could be sold off. Hundreds of smaller state-run harbours could be put in a holding company and sold off.

-real estate at OLD Athens airport at Ellinikon, worth an estimated € 6 B.

- all state land properties estimated at € 270 B = 120% of GDP, but exact ownership of individual properties not known due to lack of viable surveying results

-toll roads; and there is some state participation in the freeways which are mostly financed privately

- military industry; Hellenic aerospace has large deficits, needs to be turned around.

There was no address given to submit bids to.




dcb's picture

just sell the acropolis, things in the athens museum. I vote for a huge Greek garage sale, museum stuff, islands, auction like.

the best part is the bankers buying it will get loan backing from the ecb and the state. yes they bailed them out so they could buy state assets on the cheap.

I want to see grand canyon ,and yosimite to work out our debt problem.

PulauHantu29's picture

The Chinese don't even want the Acropolis anymore..they prefer Gold Mines in Canada and South Africa.

markar's picture

So this makes Greece the sovereign equivalent of a "blue light special"?

FlyPaper's picture

I bet the Acropolis would garner a tidy sum on eBay.