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Insolvent National Bank of Greece To Buy Insolvent Alpha Bank

Tyler Durden's picture


When one insolvent bank buys another insolvent bank, you know things are swell. National Bank of Greece, best known for being bankrupt, has just announced it will buy Greek Alpha Bank best known for also being bankrupt. Remember: when in doubt, use taxpayer capital to become TBTF, even as you have determined billions in bonus payouts (but not in a public filing of  ourse). Worked great for John Thain...



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Fri, 02/18/2011 - 10:04 | 973770 Misean
Misean's picture

It's all greek to me.


Fri, 02/18/2011 - 10:15 | 973808 Sudden Debt
Sudden Debt's picture

It's actually a US logic:

1. Become a TBTF Bank, 1 idiot is a idiot, a lot of idiots are a interest group.

2. Get free cash

3. Fuck the rest

Fri, 02/18/2011 - 10:43 | 973896 MarketTruth
MarketTruth's picture

Fuck the rest? Would that be normal or 'Greek' (for those unfamiliar, doing it Greek style means 'rear-entry' (anal).

The question is, do banksters use lube or not?

Fri, 02/18/2011 - 10:47 | 973909 Sudden Debt
Sudden Debt's picture

The new banks name will be APHA & OMEGA

The perfect name for a weapon  of mass destruction


Fri, 02/18/2011 - 11:04 | 973963 Pure Evil
Pure Evil's picture

Actually, I thought rear-entry was called "Muslim Style".

Just ask the Egyptians, they've been taking it up the ass from Hosni and friends for over thirty years.

Of course, the Americans have been learning to like it since Treasury Secretary Hank Paulson's, if we don't get TARP we'll have financial Armageddon and martial law tripe.

Fri, 02/18/2011 - 11:41 | 974162 Monday1929
Monday1929's picture

I am sure all you ZHers are familiar with the meaning of "Greek style" :)

Fri, 02/18/2011 - 10:05 | 973772 papaswamp
papaswamp's picture

All is normal.

Fri, 02/18/2011 - 10:50 | 973914 Snidley Whipsnae
Snidley Whipsnae's picture

More desperation acts. Reality has been suspended along with accounting standards.

One more display of what happens when capitalism is not allowed to be; no bank is allowed to fail so they become a forever drag on the economy of the soverign and the entire world.

Mr Market always wins so this will continue till it doesn't. All the worlds central bankers will not overcome Mr Market.

Fri, 02/18/2011 - 11:25 | 974073 Pure Evil
Pure Evil's picture

It's worked for over 20 years in Japan, so maybe good ole ChairSatan can extend and pretend for the next 20 years in America.

Fri, 02/18/2011 - 10:06 | 973777 Misean
Misean's picture

When you merge holes, does the whole hole exceed the nothingness of the 2 holes separately?

Fri, 02/18/2011 - 10:13 | 973798 Oh regional Indian
Oh regional Indian's picture

Black Scholes, Black Holes, same difference.

But, on topic, I just realized that insolvent entities can never go back into the mix.

See? In-solvent. And two in-solvent entities can never merge, they can just stick it to each other as they both go down.

In other news, India plans to raise gold import duties as they feel they did not scam the public enough with all their other shennanigans. Nice to have a government that thinks about it's people, so....welll.... macroprudentially, eh?


Fri, 02/18/2011 - 10:19 | 973819 Oh regional Indian
Oh regional Indian's picture

"μα?ρη scholes, μα?ρες τρ?πες, ?δια διαφορ?. Αλλ?, στο θ?μα, μπορ? μ?νο συνειδητοπο?ησαν ?τι αφερ?γγυα φορε?ς δεν μπορο?ν ποτ? να επιστρ?ψουμε στο μ?γμα. Βλ?πε; σε διαλ?τη. και δ?ο σε διαλ?τη φορε?ς δεν μπορο?ν ποτ? συγχωνευθο?ν, μπορο?ν να εμμ?νει απλ?ς σε κ?θε ?λλο ?πως και οι δ?ο ακολουθ?σουμε. Σε ?λλες ειδ?σεις, η Ινδ?α προτ?θεται να θ?σει χρυσο? εισαγωγικ?ν δασμ?ν, ?πως θεωρο?ν ?τι δεν σκ?νδαλο το Δημ?σιο αρκετ? με ?λες τις ?λλες shennanigans.

Fri, 02/18/2011 - 11:37 | 974142 Almost Solvent
Almost Solvent's picture

But, see, if you say that you are "almost solvent" (insolvent), then it sounds OK and there would be no "insolvency".


Kinda like the glass is half-full instead of half-empty.


Semantics, it's the last line defense when all else fails. Argue over meaning of words. (See Clinton, Bill or any attorney)

Fri, 02/18/2011 - 10:34 | 973870 tonyw
tonyw's picture

no such thing as a hole, just a minor dip and we all know what to do with dips don't we:-)

Fri, 02/18/2011 - 10:13 | 973800 snowball777
snowball777's picture

Our bodies are given life from the midst of nothingness. Existing where there is nothing is the meaning of the phrase, ‘Form is emptiness.’ That all things are provided for by nothingness is the meaning of the phrase, ‘Emptiness is form.’ One should not think that these are two separate things. - Hagakure


Hagakure --> Hidden by the leaves (that sounds!)

Fri, 02/18/2011 - 10:17 | 973811 Zero Govt
Zero Govt's picture

...does the whole hole exceed the nothingness of the 2 holes separately?

that's a Quantum Physics question i think which sorry can't help and by the looks of it nor can Bernanke! 

Fri, 02/18/2011 - 10:23 | 973834 Caviar Emptor
Caviar Emptor's picture

Depends how you channel the anti-matter. 

In Bernankenstein's new monetary paradigm, all debts are negated by the creation of an equal and opposite amount of anti-debt in the parallel universal central bank. Net net, there is no real debt if you can incite enough inflation

Fri, 02/18/2011 - 10:27 | 973842 Zero Govt
Zero Govt's picture

think 'Fiat Theory' and the Feds hypothesis of an inkjet printer that has infinite ink

Fri, 02/18/2011 - 10:27 | 973850 Misean
Misean's picture

So, there's a worm hole in the Eccles building? Is the parallel universe Benank beardless?

Fri, 02/18/2011 - 10:43 | 973892 Zero Govt
Zero Govt's picture

the worm hole leads to US citizens... it's another Fed Theory that taxpayers are an infinite source of money for Earth Worms (parasites) ...they're testing their 100 Yr T-Bill Space & Time vehicle down the tube soon to see how far they can take the theory of infinite bailouts (socialism for USG and WS worms)

Fri, 02/18/2011 - 11:09 | 973976 Rodent Freikorps
Rodent Freikorps's picture

It is the Higgs-Bernank debt boson.

Fri, 02/18/2011 - 11:43 | 974177 Monday1929
Monday1929's picture

His penis has the beard there.

Fri, 02/18/2011 - 11:09 | 973985 Herman Strandsc...
Herman Strandschnecke's picture

 When they merge they take on each other like in a marriage, so all they need to do is share their debt obligations halving the problem. 'A problem shared is a problem halved'.

Fri, 02/18/2011 - 10:06 | 973779 eigenvalue
eigenvalue's picture

This reminds of Japan in the 1990s. But does Greece have any alternative? Almost every Greek bank is insolvent. If you let all of them fail, there would be chaos.

Fri, 02/18/2011 - 10:16 | 973807 EscapeKey
EscapeKey's picture

Yeah, you can crank the printing press up to full speed, thereby solving the problem once and for all.

Fri, 02/18/2011 - 10:19 | 973820 eigenvalue
eigenvalue's picture

Yeah. But total chaos will come soon or later. Guess we may have to go back to barter in 2-3 years.

Fri, 02/18/2011 - 10:20 | 973824 EscapeKey
EscapeKey's picture

Gold and silver, fiatchez!

Fri, 02/18/2011 - 10:28 | 973853 Snidley Whipsnae
Snidley Whipsnae's picture

Name change... Alpha Bank now to be Omega Bank...

Fri, 02/18/2011 - 11:12 | 974001 Herman Strandsc...
Herman Strandschnecke's picture


'Name change... Alpha Bank now to be Omega Bank...'  To be shortened to the OMG Bank.


Herman Strand Schnecke

Fri, 02/18/2011 - 10:29 | 973857 eigenvalue
eigenvalue's picture

Well, I only have gold and silver bars so it will be difficult for them to give me the change...

Fri, 02/18/2011 - 10:34 | 973868 Sudden Debt
Sudden Debt's picture

At silvertown, you can let your silver bars be melted into 1 oz bars/coins for 1.2$ per oz.


Fri, 02/18/2011 - 10:50 | 973912 Zero Govt
Zero Govt's picture

see Iceland for your Chaos Theory ...banks go bankrupt (brief chaos)... then order of new green shoot banks begin to grow... it beats chaos followed by bailouts followed by more chaos followed by more bailouts followed by ...well you get it by now!! 

Fri, 02/18/2011 - 10:51 | 973921 Snidley Whipsnae
Snidley Whipsnae's picture

Definitely! Can we shorten it to 'Japan Syndrome'?

Fri, 02/18/2011 - 11:13 | 974002 Zero Govt
Zero Govt's picture

'The Icelandic Lesson' is let the bwankers fail. It clears all the shit out in a year flat. The UK, EU and US methology has dragged this shit across the entire economic landscape for years with constant bailouts.... and as you mention Japan has been 'zombied' in the socialist disease for 20 years. The West has a brain no bigger than a peanut (socialists in a nutshell) ....move to Iceland anyone?

Fri, 02/18/2011 - 10:07 | 973780 Sophist Economicus
Sophist Economicus's picture

Maybe Portugal will buy Spain

Fri, 02/18/2011 - 10:23 | 973837 Misean
Misean's picture



With Irish bridge loans!

Fri, 02/18/2011 - 10:08 | 973785 Dick Darlington
Dick Darlington's picture

Priceless! lol

Fri, 02/18/2011 - 10:18 | 973790 plocequ1
plocequ1's picture

Its working. Futures turned green. Thanks ZH ( and Cramer ) for your encouragement to buy more stocks. All that talk about destabilization , Earnings and debt does get a bit conflicting sometimes. Thank god for the Bernanke to clear things up.

Fri, 02/18/2011 - 10:12 | 973796 Zero Govt
Zero Govt's picture

double up on dumb's a winning strategy

Fri, 02/18/2011 - 10:12 | 973799 SpeakerFTD
SpeakerFTD's picture

Can't you guys even handle basic math?   This is genius.

-1 * -1 = 1



Fri, 02/18/2011 - 10:20 | 973821 Zero Govt
Zero Govt's picture

yes that's what Bernank and Trichet had too

Fri, 02/18/2011 - 10:21 | 973827 Dapper Dan
Dapper Dan's picture

I believe that was one of yesterdays captcha's

Fri, 02/18/2011 - 10:22 | 973829 snowball777
snowball777's picture

-1 + -1 > 0 ?!

Fri, 02/18/2011 - 10:12 | 973801 Josh Randall
Josh Randall's picture

National Bank of Mo Green:  you don't buy me out Alpha Bank, I buy you out

Fri, 02/18/2011 - 10:13 | 973802 Thunder Dome
Thunder Dome's picture

NBG paying in fairy dust.

Fri, 02/18/2011 - 10:14 | 973804 Cognitive Dissonance
Cognitive Dissonance's picture

It's what's for dinner.

Fri, 02/18/2011 - 10:56 | 973866 Caviar Emptor
Caviar Emptor's picture

Fri, 02/18/2011 - 11:11 | 973994 Rodent Freikorps
Rodent Freikorps's picture

May you find water and shade.

Fri, 02/18/2011 - 19:34 | 976012 Buck Johnson
Buck Johnson's picture

You are correct, all they are doing is eating their tail because they are hungry.

Fri, 02/18/2011 - 10:13 | 973805 curbyourrisk
curbyourrisk's picture

Soon to be coming to Ireland. 

Fri, 02/18/2011 - 10:16 | 973810 johnnymustardseed
johnnymustardseed's picture

On a completely  different subject...

TUNIS – Ousted Tunisian president Zine El Abidine Ben Ali suffered a stroke and was "in a coma" in a Saudi hospital, a family friend said Thursday, as more details of corruption under his rule came to light.

The 74-year-old former leader slipped into a coma "two days ago" while being treated in a Jeddah hospital after a stroke, according to the friend.

Doctors are also exploring the possibility that he ingested 1.5 tons of gold, leading to what is known as gold fever.

Fri, 02/18/2011 - 10:24 | 973840 Cognitive Dissonance
Cognitive Dissonance's picture

I don't believe in coincidences at this level.


Mubarak falls into coma after final speech: report

Fri, 02/18/2011 - 11:18 | 974030 Herman Strandsc...
Herman Strandschnecke's picture

 'Smelting fumes probably.

Fri, 02/18/2011 - 10:31 | 973862 Snidley Whipsnae
Snidley Whipsnae's picture

Just another 'Ken Lay' event... When the going gets tough, the tough have a severe medical problem.

Fri, 02/18/2011 - 11:14 | 974009 Rodent Freikorps
Rodent Freikorps's picture

At least it wasn't a heart attack in a jacuzzi...again.

Fri, 02/18/2011 - 11:20 | 974044 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

With a dead hooker included.

Fri, 02/18/2011 - 10:17 | 973815 firstdivision
firstdivision's picture

it would be great if it was 0 + 0 since you would end up with what you started with.  the problem is -x + -y = -z where -x>-y then -z<-y<-x.

Fri, 02/18/2011 - 10:24 | 973839 themosmitsos
themosmitsos's picture

Φερ'τα αγγουρι,να φερω τη ντοματα,να τα κανουμε ΣΑΛΑΤΑ

Fri, 02/18/2011 - 10:27 | 973846 Cognitive Dissonance
Cognitive Dissonance's picture

Cucumbers, tomateos and salad?

Fri, 02/18/2011 - 10:37 | 973878 themosmitsos
themosmitsos's picture

You got it .... it's ....  slang reference .... akin to [scuzi] tossed salad. LOOOL


Tyler, it says NBG/Alpha share ratio 8/11 &ownrshp 79/21%,3Q10: Tier1 10.7%,loan/deposits 109% [both v high4 EU]-27th largest EU Bank

Fri, 02/18/2011 - 12:14 | 974316 MacedonianGlory
MacedonianGlory's picture

Το zerohedge γινεται Ελληνικο!!!!!!!!!!


Fri, 02/18/2011 - 13:43 | 974876 themosmitsos
themosmitsos's picture

Για σου φιλαρακο, ελα βρες με στο τγιτερ ;)

Fri, 02/18/2011 - 10:26 | 973843 RobotTrader
RobotTrader's picture

What is amazing is that as emerging market lending conditions deteriorate, consumer stocks go up even faster!

Two years ago, nobody even heard of PIIGS, Tunesia, Egypt, etc.

Two years ago, LULU was trading at $5, CMG at $50, PNRA at $40

Today, LULU is at $80, CMG at $260, PNRA at $120

LOL.....the perma-gloomers must be pulling their hair out.

Fri, 02/18/2011 - 10:31 | 973861 Zero Govt
Zero Govt's picture

actually no the perma-bears are ordering bubbly and setting bear-traps ...this MF is about to blow, trust in the bear

Fri, 02/18/2011 - 10:32 | 973865 firstdivision
firstdivision's picture

Why would they be pulling their hair out?  It is quite known what is causing stocks to go up like they have. Especially since none of those bad derviatives have unwound, mearly shifted to the Fed or marked to unicorn. 

Fri, 02/18/2011 - 10:42 | 973891 Snidley Whipsnae
Snidley Whipsnae's picture

American/European PM buyers are having little effect on PMs...except JPM/HSBC in a negative sense. The Indians and Chinese are the movers in PMs. And, any increase in interest rates in the US will be accompanied by a stock market decline, real estate tanking further, and a rising dollar which will not help exports. Rock meet hard place.

"You've got to go a long way to over-state the strength of physical gold demand in 2010. The Dollar price rose 26%, but total global demand still grew 9% by volume, hitting its highest tonnage since the long bear market of the 1980s and '90s hit rock-bottom in 2000."


"Looking at today's Gold Demand Trends report, you can forget about central banks (net gold buyers in 2010 though they were, as a group, for the first time in two decades). Don't dwell on "safe-haven" Western demand either (other than to note how new ETF demand and "unallocated" trading in the wholesale, off-exchange market both slipped 45% from 2009's record highs, while coin and bar demand surged worldwide). Indian and Chinese private households are the knock-out story from 2010's data. The Indian figures in particular beggar belief.


The world's two most populous nations, its fastest-growing major economies, and numbers one and two for physical gold buying, both India and China set new records for private gold demand by value and volume in full-year 2010. On our reading of the new World Gold Council data, per capita consumption also set fresh records in the top two demand countries."

Fri, 02/18/2011 - 10:46 | 973908 lieutenantjohnchard
lieutenantjohnchard's picture

and of course old catfish mouth robo uber bull bear wanna be was writing in these very pages two weeks ago that he was looking to time the top, and make his year. but not to worry the old catfish mouth has it on good authority, through careful research and analysis, that the jpm silver short is a myth. and he plans on minting money off the silver fools with an "all in" silver short. because as is evident from his writing the old catfish mouth puts his money where his mouth is.

btw: anybody got a quote on

Fri, 02/18/2011 - 10:31 | 973864 Sabibaby
Sabibaby's picture

This is why the captcha's always get me. Doesn't a negative + a negative = a positive? That’s the idea right?

Fri, 02/18/2011 - 10:55 | 973932 Snidley Whipsnae
Snidley Whipsnae's picture

It used to... Perhaps math was discarded along with accounting standards and no one bothered to tell us...Perhaps Tyler IS telling us in a subtle way?

Fri, 02/18/2011 - 20:48 | 976217 StychoKiller
StychoKiller's picture

-x * -y = xy

-x + (-y) = -x-y

Fri, 02/18/2011 - 10:37 | 973875 butchee
butchee's picture

Some hot zombie on zombie porn always gives mr. market a big green boner.

Fri, 02/18/2011 - 10:44 | 973897 slackrabbit
slackrabbit's picture

This is like Llloyds buying HBOS in the UK, it was madness then, its till mad now!

Fri, 02/18/2011 - 10:46 | 973907 stuartbushcraftblog
stuartbushcraftblog's picture

When you use government math anything is possible including a bankrupt bank buying out another bankrupt bank


5 divided by 25 = 14.............................BITCHEZ!

Fri, 02/18/2011 - 11:18 | 973956 Zero Govt
Zero Govt's picture

how does a bankrupt bank buy (where's your f'n money?) another bankrupt bank? Do they swap debt, liquidation notices or something!

Fri, 02/18/2011 - 11:28 | 974095 stuartbushcraftblog
stuartbushcraftblog's picture

Good question.


Maybe they just swap a tea cup with their banks logo printed on it and then shake on it.


In BenBernakistan anything is possible.


Its like a Romero film where the zombies are attacking the zombies and the living are just standing around, scratching their heads with a big "WTF" expression on their faces.

Fri, 02/18/2011 - 10:49 | 973915 eurusdog
eurusdog's picture

The citizens are taking it "greek", whether they like it or not.

Fri, 02/18/2011 - 13:04 | 974663 MacedonianGlory
MacedonianGlory's picture

Deal canceled

Fri, 02/18/2011 - 13:52 | 974909 Dick Darlington
Dick Darlington's picture

Seems that even insolvent bank can be picky on who they go into bed with.

02-18 12:44: Greece's Alpha Bank rejects National Bank of Greece's takeover bid, saying it wasn't in the interest of shareholders
Fri, 02/18/2011 - 14:49 | 975115 topcallingtroll
topcallingtroll's picture

They learned that trick about getting big really fast from Wells Fargo. 

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