Why not buying a Greek bank?
In 2006, long before the truth about Greece’s dire finances was acceptable conversation at dinner parties across Europe, the geniuses charged with running Credit Agricole decided that owning a Greek bank would be an excellent way to take advantage of the burgeoning desire amongst Greeks to borrow money (cough). In their infinite wisdom, they set their sights on Emporiki Bank, an Athens-based lender that has 370 subsidiaries across Greece as well as branches in such financial nerve centres as Albania, Romania, and Bulgaria. Amazingly enough, Emporiki is reportedly one of the 500 largest banks in the world. Call me old-fashioned, but if a bank is one of the largest in the world and its operations are focused in Greece, Albania, Romania, and Bulgaria, I'm smelling some kind of rodent.
Grant Williams
PS Credit Agricole is considering selling Emporiki for 1euro now.
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