Breakingviews

Greek bank consolidation escapes Catch-22

August 29, 2011

The long-awaited consolidation of Greek banks has finally started -- and with a bang. The merger of EFG Eurobank and Alpha Bank, announced on Monday, has sent shares in every major Greek bank up around 30 percent: not bad, given IMF chief Christine Lagarde's confidence-sapping recent remarks that European banks were undercapitalized.

Greek dilemma might come to head before next poll

By Hugo Dixon
May 18, 2012

If deposit flight accelerates, the European Central Bank will have to decide whether to authorise more funding for Greek banks or cut them off. Both options are unattractive. The ECB won’t want to take the decision on its own, and will probably push for political cover.

Credit Agricole’s foreign illusions

October 7, 2009

Credit Agricole is stumping up to support a 1 billion euro capital boost at Emporiki. The Greek bank, for which Credit Agricole paid handsomely just 3 years ago, has proven a disaster. Just as well that it never managed to acquire a bigger foreign portfolio.