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Our Beloved Hellenic Bank Has Been “Bailed Out” by the Citizens of Cyprus

“Let the Fleecing Continue”

Logo of Hellenic Bank.jpg

Rejoice money launderers, the charade can continue unimpeded for at least another decade.  Hooray!!  Our beloved Hellenic Bank got the bail out they have been asking for.  Due mostly to the EU changing financial reporting standards with IFRS 9 (which we discussed in Part III, “Wargaming: From Tanks to Banks”), that began in 2018 the Cyprus banks had little choice but to bail out two of their banks.

“The Co-op was heading towards privatization via capital raise, however because of the large capital requirements resulting from the continuously changing European framework, capital needs increased,” he said.”

Hellenic Bank will take ownership of the troubled Cooperative bank in Cyprus, absorbing its assets and some of its debt with government approval.

“Hellenic, which also is based in Cyprus, will also absorb 10.3 billion euros ($12 billion) in assets — including loans, bonds and cash — and operate 72 Cooperative Bank branches while employing 1,100 of its approximately 2,600 workers.

Georgiades says another 8.3 billion euros ($9.62 billion) of Cooperative Bank’s assets will be taken over by the state. The sum includes 7 billion euros ($8.12 billion) worth of bad loans.”

Who will pay for all of this?

The Cypriot taxpayers will absorb some of the costs as we mentioned as being one of the advantages of owning a bank in Part II, “Wargaming: From Tanks to Banks.”  If you fail as a business or gut the bank of all assets through fraud, it doesn’t matter.  The Cyprus government will hide this shell game and just dump the costs on its taxpayers.

“Taxpayers are also expected to foot the bill relating to the compensation granted to staff who will be made redundant.”

“The government said in its stability programme, submitted to the European Commission in April, outlining its general economic policy framework for 2018 to 2021, that it expected public debt to increase by 12 percentage points of gross domestic product as a result of the €2.4bn issue of government bonds in favor of the Co-op, increasing public debt to 105.6 per cent of the economy this year from 97.5 per cent in 2017. This is not taking into account the additional €1bn deposit announced on Friday.”

Isn’t that precious?  The government transferred debt from the bank to the people by issuing bonds.  You read that correctly.  As you remember from Part III, “Wargaming: From Tanks to Banks, Hellenic had 2.4bn Euros in bad debt.  What a coincidence.  The entirety of that 2.4bn was considered written off with the issuance of the government bonds mentioned in the paragraph above.

They privatized the gains and socialized the losses.

The Cyprus government condones fraud and failure (not unlike the US and worldwide bank bailouts from a decade ago) and will reward banks by having their own citizens pay for it.  They will even blame the “continuously changing European framework” and also their own citizens because they weren’t paying their loans back.

But, forget about all of that.  IT’S TIME TO CELEBRATE !!!  For our beloved Hellenic Bank will continue to live for at least another decade thanks to the bail out and government guarantees which will all be funded by the Cypriot taxpayer.  We knew it was coming, and now WE CAN ALL DRINK AND BE MERRY !!!

Disclaimer: My name is John Smith but you can call me Bubba. Everything I have said and will say in this series is only my opinion and is for entertainment purposes only. My current location is on a small boat docked next to a small island (not Cyprus) in a yet undiscovered island chain which lies in a large body of water.

This Post Has 8 Comments

  1. Thing 1

    I’m not the least bit fucking surprised. It just never fucking ends with these assholes.

  2. landedkiller

    Maybe stick the articles on wargaming’s finances somewhere in the popular articles section or near the top of the page part 1 at the very least. I am seeing more disgruntled players in world of warships hopefully I can get enough of them to come on over and see the truth.

  3. Insurrectional_Leftist

    And after what all they put Greece through etc. We call it Socialism if it helps little people (through no fault of their own, who are wrecked by assholes like Wargaming, Hellenic Bank etc. Which are bailed out by the money of the little guy ), However it’s an elite “That A Boy, to Crony Vulture shell game Capitalism” when it’s time for these fraudulent swindlers to be bailed out? See Socialism is what really supports Capitalism, that’s the big secret. And Capitalism wants it all to their selves. They want to own all the political power, and everyone un Democratically as peasants, serfs, and villagers working for them again for starvation wages, with no more than a bowl of beans, seating outside under a tent in the rain, with a camp fire. Or in a work camp detention center etc ( with no where to go ). Or people fighting the rat race, worrying themselves to death, racing to work paying heavenly bills trying to avoid that fate, working themselves in the grave with no safety nets at all etc.

    Well, the best way to rob banks is to own a bank. Wargaming = Bankrobbing

  4. Icon_Charlie

    “Or people fighting the rat race, worrying themselves to death, racing to work paying heavenly bills trying to avoid that fate, working themselves in the grave with no safety nets at all etc.”.

    Heh, I don’t really have to worry about that. I’m one of those people who purchased long term care insurance a long time ago. Sooooo when my time comes I’m going to get Nurse Nancy to sit on my face so I die with a smile on it…. Hail to the King baby 🙂

  5. Insurrectional_Leftist

    @ IC How much would that be for me if I moved to Europe? Say for example to Germany? You seem to know something about this? Let’s say I wanted to move and retire to Germany for example. My understanding is that I would have to purchase “Expat” or International coverage, because I would not have worked in Germany, and paid into their national health care system of course. And being an American, my Medicare will not pay for medical bills in Germany. Do I have that right? How much does all of this cost ?

    how did you set that up?

  6. Icon_Charlie

    Yes. You are right in your thought process, but again every country is different.
    Going to Hungary, Bulgaria, Romania, can be a lot cheaper to live in than Germany, France, or Sweden.

    You will have to purchase medical coverage when traveling overseas. Living in Germany overall is expensive to be in compared to other countries yet not as expensive in parts of the US. Medical expenses also vary from country to country.

    Since you pick Germany you are looking at least 4 to 5 hundred Euros for medical but that does not cover dental. Some people will say you can get by with 300 Euros per month, but again do your homework. You never go out of the country blind, because if you do FATE will kick you in the dick .

    Speaking about FATE and since we are talking about Germany

    Germany’s poor pensioners | DW Documentary

    Also TIN FOIL HAT TIME!!! As fanbois want to say.

    How the rich get richer – money in the world economy | DW Documentary

    This was done in last year but you get an idea on what is going on In Europe and the US as a whole. On the 39:09 the person in the documentary is doing exactly what I will be doing soon with some of my investments. An Asset investment.

    When searching out information you look for as many sources as possible instead of one. Then with the information at hand to make a logical conclusion.

    DW documentary are a decent site to poke into as well as the 5th Estate, BBC and other sites too.

  7. Insurrectional_Leftist

    I watched both video clips last night, DW has good stuff.

  8. perfectaim

    basically all of is bullshit just think about it in the third pargraph

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