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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Misean's picture

It's all greek to me.


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

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?

Sudden Debt's picture

The new banks name will be APHA & OMEGA

The perfect name for a weapon  of mass destruction


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.

Monday1929's picture

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

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.

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.

Misean's picture

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

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?


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.

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)

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:-)

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!)

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! 

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

Zero Govt's picture

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

Misean's picture

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

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)

Rodent Freikorps's picture

It is the Higgs-Bernank debt boson.

Monday1929's picture

His penis has the beard there.

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'.

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.

EscapeKey's picture

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

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.

EscapeKey's picture

Gold and silver, fiatchez!

Snidley Whipsnae's picture

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

Herman Strandschnecke's picture


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


Herman Strand Schnecke

eigenvalue's picture

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

Sudden Debt's picture

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


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!! 

Snidley Whipsnae's picture

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

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?

Sophist Economicus's picture

Maybe Portugal will buy Spain

Misean's picture



With Irish bridge loans!

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.

Zero Govt's picture

double up on dumb's a winning strategy

SpeakerFTD's picture

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

-1 * -1 = 1



Zero Govt's picture

yes that's what Bernank and Trichet had too

Dapper Dan's picture

I believe that was one of yesterdays captcha's

Josh Randall's picture

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

Thunder Dome's picture

NBG paying in fairy dust.

Cognitive Dissonance's picture

It's what's for dinner.

Buck Johnson's picture

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

curbyourrisk's picture

Soon to be coming to Ireland.