Greek Alpha Bank Criticizes the Troika

alpha

In relation to ongoing negotiations, Greek Alpha Bank has criticized the Troika for not giving the green light to the next tranche of funds.

“Two of the most striking developments in the Greek Economy for 2013 were the successful reformation and recapitalization of the banking system as well as the achievement of a primary surplus by the Greek government. Moreover, as the Greek economy is expected to have stronger growth in 2014, the Troika’s delay in approving the agreed installment of Greece’s bailout raises questions over what the country’s international lenders are trying to achieve. Surely this failure to approve the next installment has a negative impact on Greece’s intense efforts to rebuild its economy. Furthermore, it makes it even more difficult for the Greek banking sector to prove that it can be trusted again,” according to Alpha Bank in their report last week.

The report continued, “After all, the delay increases the risk of creating problems for the process of budget execution for 2014 due to fiscal gaps which could be covered if the Troika give the economy breathing space.  The Greek economy has started to recover despite constant and suffocating pressure by the Troika. This has not allowed the economy to operate at normal levels of liquidity or in a normal economic environment,” according to Alpha Bank.

 


  • TediUSA

    The Greeks are criticizing the Troika for not giving them money….ha ha ha ha ha ha…..the joke of the Week!The Greeks should spank the Troika,doesn’t Mr Thomsen know that the Greeks are entitled on free money on demand,whenever they need them?

  • Tonto

    There is a long history of this country not meeting the terms of the agreed upon “cash for reforms.” So far the money always comes in–some 315 billions so far, yet the reforms just never seem to be met in total or on time. This is not the fault of the Greek people but rather the policies the government maintains to keep from instigating those reforms. Over taxing the public is just a cheap way to keep the sacred cows in office and keep the useless policies the Troika sees as toxic to the system here.

    Can we really be surprised or indignant (vis-a-vis Alpha Bank is) then at the logic of the lenders to hold back their end of the agreement until Greece’s bargains are met? The world sees this and just gets more incensed. Do you know of any other business arrangements that can be sustained under those conditions?
    We’re not talking about taxing the public more, or stealing the money of the retirees to pay the bills–though those are government’s tactics to circumvent the real issues which can and should be changed. Who in this world will be sympathetic to the Greek cause as long as this continues to be country’s way of playing the game?

  • pel

    I realize it’s the in thing to criticize the Greek government but the fact is there have been plenty of reforms. The proof is in the fact our government has been downsized considerably and we are running a primary surplus. The twisted part is is irresponsible populists keep opposing cuts while simultaneously claiming they want change. Its like they learned absolutely nothing from the over spending that lead to our debt fiasco.

  • frank marinopoulos

    Its more than that Greece was never ready to have the euro dollar the E.U should of checked out their numbers before allowing Greece to have the euro, they believed the greek governments lies. Greece was not ready to be in the circle with the more economical countries of Europe this is why we are having problems now. I think it would be best to leave the euro dollar and get the drachma back. I know a lot of people don’t like that idea, but for me as a greek person. I think we need to separate ourselves from the group and build ourselves up. We need to prove to the world we are independent. We are need to be able to rise up on our own two feet, and take steps to show the world we can now walk without the help from another. This is not only to show the world but to ourselves that we can succeed on our own. I don’t mind the E.U. Greece is an ally we just weren’t ready for the euro dollar.

  • Polycrates

    This is no time for excuses or pointing fingers. If the primary surplus was as large as has been stated the Troika would give Greece a pass. Therefore something is amiss in their data and will probably be hidden from public scrutiny until after the May elections, if ever. At the moment fear is the primary motivating factor and that does not bode well.

  • pel

    There is a history of funny number reporting so Troika is probably the waiting to confirm rather than take assurances at face value like pre-crisis. Given that so many eyes are looking at our books these days (practically the whole world are our auditors) it seems reasonable that the numbers aren’t too far off from where they claim to be.

    What we still don’t know is will it be enough. Stay tuned.

  • Tonto

    Well if it’s any indication the system has not learned anything from past hiring and wasteful habits, consider this. My sources tell me that as the EU Presidency resonsibility fell on Greece, offices in Brussels were availavle to accommodate the logistics and office management of the new country’s management. Of the the 40 some desks and offices aloted to the staff for this great honor, it turns out that they now must increase office space beyond the designated space in Greece’s case. At last count some 100 rather than 40 employees have been promised highly paid positions there. Is this more nepotism, cronyism, or political patrionage at work? My guess it is. So have Greeks learned anything?

    It all reminds me of the ridiculousness of having 300 parliamentarians well over-paid working in a country of only 10 million citizens. The USA by conparison has 537 lawmakers only for a population of 315 million!. Now there is a glimpse of just how out of bounds the country has gone fiscally and logically.

    And so it goes. . .