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sul sito vedo 809 (poco fa era 813) - dove sbaglio?
tommy271
Forumer storico
tommy271
Forumer storico
Oxi Day — when the brave Greeks said 'no'
How countrymen showed their courage long ago
John Kass October 29, 2010
Oxi Day passed without much notice in America, again.
That's always bothered me, because the fate of the world turned that day, 70 years ago on Thursday, when Greece, trembling with fear and pride, said, "No."
That's what Oxi, pronounced O-hee, means. It is the Greek word for "No." It was uttered at about 3 a.m. on Oct. 28, 1940.
And because of it, Adolf Hitler was months late getting to the Russian front. He'd planned to begin Operation Barbarossa in the spring of '41. But because of Oxi Day, he was delayed, and that delay allowed the snow and cold to swallow his armies. The rest, as they say, is history.
My father was born in the village of Rizes, and he was in the Greek army then, as his country was caught in war and later in the methodical, Nazi-enforced famine, with hundreds dropping dead on the streets of Athens each day.
So I can't help thinking about Oxi Day. And so do most people with a drop of Greek blood in them.
Shortly before Oct. 28, 1940, Benito Mussolini had massed his Italian war machine on the Greek border with Albania. He had the heavy armor, the fighter planes and hundreds of thousands of well-equipped troops.
The Greeks were outnumbered about 10 to 1. They had no air force to speak of, no war machine. The dictator's ultimatum to Greek Prime Minister Ionannis Metaxas was simple:
Allow Mussolini's troops to come in and occupy Greece, and there would be no slaughter. Oppose Mussolini and he would destroy the country. Metaxas' reply?
"Oxi," he said. "No, never."
Two hours later, Mussolini attacked. There were only 2,000 Greek soldiers covering a front of 37 kilometers. But in those mountains, in the days to come, the vastly outnumbered Greek army streamed into Albania, drove Mussolini's forces off the snowy mountains and crushed them.
The Greek army starved in those mountains, yes, but they killed in those mountains too.
So Hitler was forced to save Mussolini. It took months for the Germans to occupy Greece, which lost 10 percent of its population during the war.
But many of those lives bought time, and on the Eastern Front, the Russian winter was coming.
During the occupation, my father helped hide downed British airmen. One day on the road outside Rizes, he ran into a young blond fellow hiding in some trees. The young man spoke perfect Greek and claimed to be a British pilot.
Yet my father felt something was wrong. He pretended not to understand the British pilot and ran off.
The next night he saw the young British pilot again, but this time the young man was in the uniform of a captain in command of Carabinieri. The young man — Italian, not British — ordered his men to break my grandfather's door and drag my dad out into the street by the hair.
He was kept in a cellar for three days. He never told us quite what they did to him, but we knew it was torture. He played dumb and finally, the blond officer seemed to take pity after all that he'd done. He released my father.
A week went by, then two, and the blond officer knocked at my grandfather's coffeehouse. He was angry again, with that hard smile. My father and his best friend, Nicholas — they called him Colia for short — were in the kitchen.
"I hear you're a hunter," the captain said to my father. "I need a man who knows hunting in the mountains. Let's go."
Colia stood up and walked with them.
"Colia, go away," my father whispered. "They're going to kill me. Get out before they kill you too."
"No," said Colia. "I'm going."
They guided the blond officer and the officer's three men up into the mountain for the day. But they found no game. That's when my father figured the blond officer would kill him.
"What a beautiful gun," Colia told the captain.
"Would you like to examine it?" asked the captain, handing over the finely engraved rifle.
As Colia held it, he caught my father's eye. My father knew Colia was going to shoot the captain. He told me once that all he could do was scream inside his head, 'No, Colia! No! No!" He wanted to tell his friend that it was a setup. Colia understood somehow, and casually handed the gun back to the captain.
"Thank you, captain, you have a beautiful gun," Colia said. The captain smiled.
They walked back down the mountain alive, two friends who survived horrible battles in the mountains of Albania, only to escape murder in their own mountain back home.
That evening, my grandmother fed them bean soup, and they said it was the tastiest meal of their lives. A few days later, the blond captain with the blue eyes left the district.
When my father left Greece for America in 1951, he promised Colia that he'd return in two years and bring a fine gun, even better than the captain's. But it took my dad about 30 years to return to the village. He brought the finest Browning shotgun I've ever seen.
I saw him hand that Browning to Colia. They were standing in the village square, in front of the church of St. Nicholas, and their younger cousins gathered around them, pressing against them.
By then, my father and Colia were old men. But their tears were quite young.
They remembered Oxi Day.
And so do some of us, still.
[email protected]
(Chicago Tribune)
***
Per capire ...
How countrymen showed their courage long ago
John Kass October 29, 2010
Oxi Day passed without much notice in America, again.
That's always bothered me, because the fate of the world turned that day, 70 years ago on Thursday, when Greece, trembling with fear and pride, said, "No."
That's what Oxi, pronounced O-hee, means. It is the Greek word for "No." It was uttered at about 3 a.m. on Oct. 28, 1940.
And because of it, Adolf Hitler was months late getting to the Russian front. He'd planned to begin Operation Barbarossa in the spring of '41. But because of Oxi Day, he was delayed, and that delay allowed the snow and cold to swallow his armies. The rest, as they say, is history.
My father was born in the village of Rizes, and he was in the Greek army then, as his country was caught in war and later in the methodical, Nazi-enforced famine, with hundreds dropping dead on the streets of Athens each day.
So I can't help thinking about Oxi Day. And so do most people with a drop of Greek blood in them.
Shortly before Oct. 28, 1940, Benito Mussolini had massed his Italian war machine on the Greek border with Albania. He had the heavy armor, the fighter planes and hundreds of thousands of well-equipped troops.
The Greeks were outnumbered about 10 to 1. They had no air force to speak of, no war machine. The dictator's ultimatum to Greek Prime Minister Ionannis Metaxas was simple:
Allow Mussolini's troops to come in and occupy Greece, and there would be no slaughter. Oppose Mussolini and he would destroy the country. Metaxas' reply?
"Oxi," he said. "No, never."
Two hours later, Mussolini attacked. There were only 2,000 Greek soldiers covering a front of 37 kilometers. But in those mountains, in the days to come, the vastly outnumbered Greek army streamed into Albania, drove Mussolini's forces off the snowy mountains and crushed them.
The Greek army starved in those mountains, yes, but they killed in those mountains too.
So Hitler was forced to save Mussolini. It took months for the Germans to occupy Greece, which lost 10 percent of its population during the war.
But many of those lives bought time, and on the Eastern Front, the Russian winter was coming.
During the occupation, my father helped hide downed British airmen. One day on the road outside Rizes, he ran into a young blond fellow hiding in some trees. The young man spoke perfect Greek and claimed to be a British pilot.
Yet my father felt something was wrong. He pretended not to understand the British pilot and ran off.
The next night he saw the young British pilot again, but this time the young man was in the uniform of a captain in command of Carabinieri. The young man — Italian, not British — ordered his men to break my grandfather's door and drag my dad out into the street by the hair.
He was kept in a cellar for three days. He never told us quite what they did to him, but we knew it was torture. He played dumb and finally, the blond officer seemed to take pity after all that he'd done. He released my father.
A week went by, then two, and the blond officer knocked at my grandfather's coffeehouse. He was angry again, with that hard smile. My father and his best friend, Nicholas — they called him Colia for short — were in the kitchen.
"I hear you're a hunter," the captain said to my father. "I need a man who knows hunting in the mountains. Let's go."
Colia stood up and walked with them.
"Colia, go away," my father whispered. "They're going to kill me. Get out before they kill you too."
"No," said Colia. "I'm going."
They guided the blond officer and the officer's three men up into the mountain for the day. But they found no game. That's when my father figured the blond officer would kill him.
"What a beautiful gun," Colia told the captain.
"Would you like to examine it?" asked the captain, handing over the finely engraved rifle.
As Colia held it, he caught my father's eye. My father knew Colia was going to shoot the captain. He told me once that all he could do was scream inside his head, 'No, Colia! No! No!" He wanted to tell his friend that it was a setup. Colia understood somehow, and casually handed the gun back to the captain.
"Thank you, captain, you have a beautiful gun," Colia said. The captain smiled.
They walked back down the mountain alive, two friends who survived horrible battles in the mountains of Albania, only to escape murder in their own mountain back home.
That evening, my grandmother fed them bean soup, and they said it was the tastiest meal of their lives. A few days later, the blond captain with the blue eyes left the district.
When my father left Greece for America in 1951, he promised Colia that he'd return in two years and bring a fine gun, even better than the captain's. But it took my dad about 30 years to return to the village. He brought the finest Browning shotgun I've ever seen.
I saw him hand that Browning to Colia. They were standing in the village square, in front of the church of St. Nicholas, and their younger cousins gathered around them, pressing against them.
By then, my father and Colia were old men. But their tears were quite young.
They remembered Oxi Day.
And so do some of us, still.
[email protected]
(Chicago Tribune)
***
Per capire ...
tommy271
Forumer storico
Irish Central Bank still blames Greece
Carmel Crimmins, DUBLIN - 29.10.2010
[FONT="]The sovereign debt crisis that started in Greece earlier this year has weighed on government debt generally, making it more difficult for Irish banks to wean themselves off government support, the head of Ireland's central bank said on Thursday.
[FONT="]"The sovereign debt crisis starting in Greece and casting a pall over sovereign debt generally, that has really complicated the idea of separating the banks from the government," Patrick Honohan said in a speech to an economics conference in Dublin.[/FONT]
[FONT="]Source Reuters- Balkans.com[/FONT]
[/FONT]
Carmel Crimmins, DUBLIN - 29.10.2010
[FONT="]The sovereign debt crisis that started in Greece earlier this year has weighed on government debt generally, making it more difficult for Irish banks to wean themselves off government support, the head of Ireland's central bank said on Thursday.
[FONT="]"The sovereign debt crisis starting in Greece and casting a pall over sovereign debt generally, that has really complicated the idea of separating the banks from the government," Patrick Honohan said in a speech to an economics conference in Dublin.[/FONT]
[FONT="]Source Reuters- Balkans.com[/FONT]
[/FONT]
tommy271
Forumer storico
A new political landscape
By Tom Ellis
The conflict between the new and old PASOK, which will be clearly reflected in the result of local elections, especially in the Attica prefecture, could foreshadow radical changes in Greece’s partisan political landscape, which has outlived its ability to represent the different groups in our society. Yiannis Dimaras, an independent candidate for governor of Attica, cuts across all political segments, upsetting the traditional balance of power. The old battle between the center-right and the center-left has lost its ideological underpinnings and is being replaced by the candidates’ stance on the memorandum. Terms such as liberal and conservative are becoming less relevant.
It has become clear that the reformists of Costas Simitis, the modernizers of George Papandreou and the liberals of Dora Bakoyannis have more in common than the champions of statism, of vested interests and of union positions that can be found in all parties across the spectrum. History will decide the relevance of Costas Karamanlis in all this, who, despite his responsibility for Greece’s fiscal derailment, said before the elections last year that the economy is in a dire state and pledged to freeze salaries. After his defeat, he also said he would back any campaign for reform taken by his successor.
The battle between PASOK’s two wings largely reflects a tug of war between the two faces of Greece. On the one side are Papandreou and Finance Minister Giorgos Papaconstantinou, who over the past few months have received the backing of foreign investors, EU institutions and international organizations; on the other are the critics of the memorandum, currently embodied by Dimaras, who has attracted support from the left and the New Democracy anti-memorandum crowd.
Papandreou’s best answer to the ersatz pro-or-anti-memorandum dilemma would be to stick to his original position that these are the most important local elections of the past decades and that they should be treated as such. In doing so, he should back Yiannis Sgouros for Attica governor, as he is an experienced politician who has knowledge of the area’s problems, and question Dimaras’s ability to meet the requirements of this demanding office. Instead, he chose to present voters with a dilemma involving snap general elections that could affect Greece’s effort to pull itself out of the economic hole in which it has dug itself.
***
Un commento del giornale conservatore Kathimerini sulle differenze in seno alla compagine governativa.
By Tom Ellis
The conflict between the new and old PASOK, which will be clearly reflected in the result of local elections, especially in the Attica prefecture, could foreshadow radical changes in Greece’s partisan political landscape, which has outlived its ability to represent the different groups in our society. Yiannis Dimaras, an independent candidate for governor of Attica, cuts across all political segments, upsetting the traditional balance of power. The old battle between the center-right and the center-left has lost its ideological underpinnings and is being replaced by the candidates’ stance on the memorandum. Terms such as liberal and conservative are becoming less relevant.
It has become clear that the reformists of Costas Simitis, the modernizers of George Papandreou and the liberals of Dora Bakoyannis have more in common than the champions of statism, of vested interests and of union positions that can be found in all parties across the spectrum. History will decide the relevance of Costas Karamanlis in all this, who, despite his responsibility for Greece’s fiscal derailment, said before the elections last year that the economy is in a dire state and pledged to freeze salaries. After his defeat, he also said he would back any campaign for reform taken by his successor.
The battle between PASOK’s two wings largely reflects a tug of war between the two faces of Greece. On the one side are Papandreou and Finance Minister Giorgos Papaconstantinou, who over the past few months have received the backing of foreign investors, EU institutions and international organizations; on the other are the critics of the memorandum, currently embodied by Dimaras, who has attracted support from the left and the New Democracy anti-memorandum crowd.
Papandreou’s best answer to the ersatz pro-or-anti-memorandum dilemma would be to stick to his original position that these are the most important local elections of the past decades and that they should be treated as such. In doing so, he should back Yiannis Sgouros for Attica governor, as he is an experienced politician who has knowledge of the area’s problems, and question Dimaras’s ability to meet the requirements of this demanding office. Instead, he chose to present voters with a dilemma involving snap general elections that could affect Greece’s effort to pull itself out of the economic hole in which it has dug itself.
***
Un commento del giornale conservatore Kathimerini sulle differenze in seno alla compagine governativa.
tommy271
Forumer storico
Uncertainty sees spreads widen
Party politics, revised data and new bankruptcy scenarios feed foreign investor worries on Greece’s future
By Sotiris Nikas - Kathimerini
Political instability, the revision of fiscal data and scenarios of bankruptcy have once again challenged confidence in Greece on foreign markets, sending the cost of Greek borrowing higher over the last few days.
The spread between the yield of the Greek benchmark 10-year bond and the German Bund widened considerably this week, from 700 basis points last Monday to 807 bps last night. In mid-October, it stood at just 660 bps.
This strong rise during the week illustrates that the markets have not yet been convinced that Greece can emerge from its financial crisis. This also makes Greece’s return to the market for borrowing all the more difficult, although the Finance Ministry believes that there is enough time until mid-2011 for the mood to change.
Statements made by Prime Minister George Papandreou in a televised broadcast on Monday regarding possible early elections, should PASOK not do well in local polls, rocked the markets. They obviously believe that if Greece’s streamlining is to continue, it will require political stability during which ministers will not feel uncertain, as that would result in delays on reforms.
At this time, the PM’s statements may have served party political purposes ahead of the local and regional elections but did nothing to help keep the markets calm, as they had been in recent weeks. At the same time, European Union statistic agency Eurostat and the Hellenic Statistical Authority are continuing data checks at ministries, local authorities and other state corporations, such as hospitals, social security funds etc.
On Wednesday, Finance Minister Giorgos Papaconstantinou said for the first time officially that the 2009 deficit will be above 15 percent of gross domestic product, instead of the 13.8 percent of GDP on which the 2011 draft budget was based. “After the final revision by Eurostat, which will give the conclusive figure for 2009, the deficit will exceed 15 percent,” the minister told the Limassol Economic Forum in Cyprus.
There also are many analysts who are convinced that Greece will default in the next three years or so. However, Jurgen Stark, a member of the executive board of the European Central Bank, voiced his certainty that Greece is on the right track to recovery, lending his support for Athens’s efforts.
(Kathimerini.gr)
By Sotiris Nikas - Kathimerini
Political instability, the revision of fiscal data and scenarios of bankruptcy have once again challenged confidence in Greece on foreign markets, sending the cost of Greek borrowing higher over the last few days.
The spread between the yield of the Greek benchmark 10-year bond and the German Bund widened considerably this week, from 700 basis points last Monday to 807 bps last night. In mid-October, it stood at just 660 bps.
This strong rise during the week illustrates that the markets have not yet been convinced that Greece can emerge from its financial crisis. This also makes Greece’s return to the market for borrowing all the more difficult, although the Finance Ministry believes that there is enough time until mid-2011 for the mood to change.
Statements made by Prime Minister George Papandreou in a televised broadcast on Monday regarding possible early elections, should PASOK not do well in local polls, rocked the markets. They obviously believe that if Greece’s streamlining is to continue, it will require political stability during which ministers will not feel uncertain, as that would result in delays on reforms.
At this time, the PM’s statements may have served party political purposes ahead of the local and regional elections but did nothing to help keep the markets calm, as they had been in recent weeks. At the same time, European Union statistic agency Eurostat and the Hellenic Statistical Authority are continuing data checks at ministries, local authorities and other state corporations, such as hospitals, social security funds etc.
On Wednesday, Finance Minister Giorgos Papaconstantinou said for the first time officially that the 2009 deficit will be above 15 percent of gross domestic product, instead of the 13.8 percent of GDP on which the 2011 draft budget was based. “After the final revision by Eurostat, which will give the conclusive figure for 2009, the deficit will exceed 15 percent,” the minister told the Limassol Economic Forum in Cyprus.
There also are many analysts who are convinced that Greece will default in the next three years or so. However, Jurgen Stark, a member of the executive board of the European Central Bank, voiced his certainty that Greece is on the right track to recovery, lending his support for Athens’s efforts.
(Kathimerini.gr)
tommy271
Forumer storico
Russian market makes CCHBC profits bubble
Coca-Cola HBC, the world’s second-largest Coke bottler, posted a small increase in profits and sales in the year’s first nine months, the Athens-listed company announced on Wednesday.
This is the result mostly of a rebound in sales to Russia due to the extended heat wave over the summer, which boosted the consumption of refreshments, bottled water and juice.
On the other hand, CCHBC registered losses in developed markets, while the financial crisis in Greece resulted in a drop in its sales volume domestically over the third quarter of the year by 14 percent from the same period in 2009.
Net profits in the January-September period came to 417 million euros, up 1 percent from the same period last year. Net revenues from sales came to 5.299 billion euros in the first nine months, a 3 percent rise over last year.
(Kathimerini.gr)
***
Corporate.
Coca-Cola HBC, the world’s second-largest Coke bottler, posted a small increase in profits and sales in the year’s first nine months, the Athens-listed company announced on Wednesday.
This is the result mostly of a rebound in sales to Russia due to the extended heat wave over the summer, which boosted the consumption of refreshments, bottled water and juice.
On the other hand, CCHBC registered losses in developed markets, while the financial crisis in Greece resulted in a drop in its sales volume domestically over the third quarter of the year by 14 percent from the same period in 2009.
Net profits in the January-September period came to 417 million euros, up 1 percent from the same period last year. Net revenues from sales came to 5.299 billion euros in the first nine months, a 3 percent rise over last year.
(Kathimerini.gr)
***
Corporate.
tommy271
Forumer storico
Currency inflows from shipping rise
NIKOS BARDOUNIAS
Foreign currency inflows from shipping are expected to reach 16 billion euros by the end of 2010, Maritime Affairs Ministry officials argue.
Inflows from shipping are estimated to rise considerably in the last four months of the year and, in conjunction with other quantifiable data, it seems clear that shipping will this year contribute more money to the national economy despite the continued international financial crisis.
If estimates prove true, currency inflows from shipping will increase by 18 percent over 2009, when they came in at 13.5 billion euros, which was the first decline the industry had seen in years. In 2008, they had come to a record 19 billion euros – estimates suggest there had been a daily inflow from shipping that year of 55 million euros.
According to data recently released by the Bank of Greece, the country’s central bank, in the first eight months of this year, foreign currency inflows from shipping came to 10.4 billion euros, up from 9 billion in the same period in 2009 and compared to 13.1 billion euros in the record year of 2008.
In August in particular, inflows came to 1.3 billion euros, while in August 2009 they had come to 1 billion euros. In August 2008, they stood at 1.8 billion euros.
“Should our estimates of 16 billion euros prove right for this year, then within the space of one year, shipping will have recovered a large part of the ground lost in 2009,” sources told Kathimerini.
This rebound is attributed to the improvement in the shipping market following the financial crisis that hit in 2008. Greek shipowners have now strengthened their fleets. Allied Shipbroking suggests that they have bought 221 vessels this year, amounting to $5.3 billion.
(Kathimerini.gr)
***
Buone notizie dallo Shipping...
NIKOS BARDOUNIAS
Foreign currency inflows from shipping are expected to reach 16 billion euros by the end of 2010, Maritime Affairs Ministry officials argue.
Inflows from shipping are estimated to rise considerably in the last four months of the year and, in conjunction with other quantifiable data, it seems clear that shipping will this year contribute more money to the national economy despite the continued international financial crisis.
If estimates prove true, currency inflows from shipping will increase by 18 percent over 2009, when they came in at 13.5 billion euros, which was the first decline the industry had seen in years. In 2008, they had come to a record 19 billion euros – estimates suggest there had been a daily inflow from shipping that year of 55 million euros.
According to data recently released by the Bank of Greece, the country’s central bank, in the first eight months of this year, foreign currency inflows from shipping came to 10.4 billion euros, up from 9 billion in the same period in 2009 and compared to 13.1 billion euros in the record year of 2008.
In August in particular, inflows came to 1.3 billion euros, while in August 2009 they had come to 1 billion euros. In August 2008, they stood at 1.8 billion euros.
“Should our estimates of 16 billion euros prove right for this year, then within the space of one year, shipping will have recovered a large part of the ground lost in 2009,” sources told Kathimerini.
This rebound is attributed to the improvement in the shipping market following the financial crisis that hit in 2008. Greek shipowners have now strengthened their fleets. Allied Shipbroking suggests that they have bought 221 vessels this year, amounting to $5.3 billion.
(Kathimerini.gr)
***
Buone notizie dallo Shipping...
tommy271
Forumer storico
Greece in favor of EU treaty change
Greece yesterday joined the group of countries that is in favor of rewriting the European Union’s central treaty so a permanent mechanism can be set up to support member states that run into serious financial problems.
At a tense meeting of EU leaders in Brussels yesterday, Prime Minister George Papandreou said that his government would back plans to amend the Lisbon Treaty so a financial backup system could be created. “From the moment the debt crisis struck our country and we suffered attacks from the financial markets, we submitted our proposals for a strong EU support mechanism,” he said. “Today, we are discussing exactly this great institutional project.”
France and Germany upset some of the other EU members last week when they formed a united front to propose a change to the Lisbon Treaty, which took eight years to negotiate and only became law 10 months ago. Under the Franco-German scheme, the emergency mechanism would be accompanied by the imposition of sanctions, including the suspension of voting rights, on countries that do not comply with the public debt and deficit limits set by the Union’s Stability and Growth Pact.
Germany has indicated that there is no way it would approve a new package of stricter budget rules unless voting sanctions are included. Papandreou, however, said that Greece does not approve of this part of the plan.
“We think that there are already enough sanctions in the Lisbon Treaty,” he said. “They can be strengthened but the withdrawal of voting rights is something that we are against.”
EU leaders are due to conclude their summit today and Papandreou said that he wants to ensure that the new budget rules would not just focus on stability but would also encourage growth “ that creates jobs and makes the EU competitive through green development,” he said.
(Kathimerini.gr)
Greece yesterday joined the group of countries that is in favor of rewriting the European Union’s central treaty so a permanent mechanism can be set up to support member states that run into serious financial problems.
At a tense meeting of EU leaders in Brussels yesterday, Prime Minister George Papandreou said that his government would back plans to amend the Lisbon Treaty so a financial backup system could be created. “From the moment the debt crisis struck our country and we suffered attacks from the financial markets, we submitted our proposals for a strong EU support mechanism,” he said. “Today, we are discussing exactly this great institutional project.”
France and Germany upset some of the other EU members last week when they formed a united front to propose a change to the Lisbon Treaty, which took eight years to negotiate and only became law 10 months ago. Under the Franco-German scheme, the emergency mechanism would be accompanied by the imposition of sanctions, including the suspension of voting rights, on countries that do not comply with the public debt and deficit limits set by the Union’s Stability and Growth Pact.
Germany has indicated that there is no way it would approve a new package of stricter budget rules unless voting sanctions are included. Papandreou, however, said that Greece does not approve of this part of the plan.
“We think that there are already enough sanctions in the Lisbon Treaty,” he said. “They can be strengthened but the withdrawal of voting rights is something that we are against.”
EU leaders are due to conclude their summit today and Papandreou said that he wants to ensure that the new budget rules would not just focus on stability but would also encourage growth “ that creates jobs and makes the EU competitive through green development,” he said.
(Kathimerini.gr)
tommy271
Forumer storico
Piraeus Bank To Raise EUR800 Mil. Of Fresh Capital
Piraeus Bank Friday said it will proceed with a capital increase in cash via the offering of pre-emptive rights to existing shareholders, for approximately €800 million, subject to shareholders΄ approval at the EGMs.
The bank said it has received underwriting commitments, subject to customary conditions, in respect of the full amount of the Rights Issue from Barclays Capital, Credit Suisse, Goldman Sachs International and Morgan Stanley, which will act as Joint Global Coordinators ("JGCs") for the Rights Issue. The subscription price for the capital increase will be determined prior to the launch of the Rights Issue (expected to be in January 2011).
“The proposed capital increase aims to:
-Strengthen the Bank΄s capital position in anticipation of a stricter regulatory environment and to fulfill higher investor expectations;
-Enhance the Bank΄s position in the context of the macro-economic conditions in Greece; and
-Allow the Bank to take advantage of attractive organic growth opportunities in the region.
A capital increase of €800 million would have resulted in pro-forma capital ratios of 9.5% Equity Tier 1 Capital and 10.8% Tier 1 Capital (+200 bps) as of 30 June 2010. As a result, the Total Capital Adequacy Ratio would have reached 11.6%.
The Bank has agreed to a 180-day customary lock-up provision following the date of completion of the Rights Issue.
In order to effect the Rights Issue, the Bank will call extraordinary meetings of the ordinary and preferred shareholders of the company (collectively, the "EGMs"), in order to resolve upon (i) a capital increase by way of a Rights Issue, and (ii) a reduction of the par value of the ordinary shares of the Bank without increasing the number of shares outstanding.
At the same EGMs, the Bank also intends to seek shareholders΄ approval for the issuance of convertible bonds for up to €250 million with waiver of pre-emption rights, in order to further improve the financial flexibility of the Bank, and to increase the ability to strengthen its capital base as appropriate. The specific terms of any convertible bond offering will be set by the Board of Directors of the Bank prior to the launch of any such offering, which will also be subject to the above mentioned lock-up period.
The EGMs are expected to be convened at the first call on 23 November 2010. Following approval by that or a subsequent repeat EGM, the Rights Issue is expected to be launched in January 2011. The specific terms of the Rights Issue will be set by the Board of Directors of the Bank prior to the its launch.
With respect to the Rights Issue, the Chairman of the Bank, Mr. Michalis Sallas, stated: "This is an important step for Piraeus Bank, allowing us to further strengthen our capital base in the face of a challenging environment, and putting us in a position to benefit from an improvement in economic conditions."
(Capital.gr)
***
Corporate.
Piraeus Bank Friday said it will proceed with a capital increase in cash via the offering of pre-emptive rights to existing shareholders, for approximately €800 million, subject to shareholders΄ approval at the EGMs.
The bank said it has received underwriting commitments, subject to customary conditions, in respect of the full amount of the Rights Issue from Barclays Capital, Credit Suisse, Goldman Sachs International and Morgan Stanley, which will act as Joint Global Coordinators ("JGCs") for the Rights Issue. The subscription price for the capital increase will be determined prior to the launch of the Rights Issue (expected to be in January 2011).
“The proposed capital increase aims to:
-Strengthen the Bank΄s capital position in anticipation of a stricter regulatory environment and to fulfill higher investor expectations;
-Enhance the Bank΄s position in the context of the macro-economic conditions in Greece; and
-Allow the Bank to take advantage of attractive organic growth opportunities in the region.
A capital increase of €800 million would have resulted in pro-forma capital ratios of 9.5% Equity Tier 1 Capital and 10.8% Tier 1 Capital (+200 bps) as of 30 June 2010. As a result, the Total Capital Adequacy Ratio would have reached 11.6%.
The Bank has agreed to a 180-day customary lock-up provision following the date of completion of the Rights Issue.
In order to effect the Rights Issue, the Bank will call extraordinary meetings of the ordinary and preferred shareholders of the company (collectively, the "EGMs"), in order to resolve upon (i) a capital increase by way of a Rights Issue, and (ii) a reduction of the par value of the ordinary shares of the Bank without increasing the number of shares outstanding.
At the same EGMs, the Bank also intends to seek shareholders΄ approval for the issuance of convertible bonds for up to €250 million with waiver of pre-emption rights, in order to further improve the financial flexibility of the Bank, and to increase the ability to strengthen its capital base as appropriate. The specific terms of any convertible bond offering will be set by the Board of Directors of the Bank prior to the launch of any such offering, which will also be subject to the above mentioned lock-up period.
The EGMs are expected to be convened at the first call on 23 November 2010. Following approval by that or a subsequent repeat EGM, the Rights Issue is expected to be launched in January 2011. The specific terms of the Rights Issue will be set by the Board of Directors of the Bank prior to the its launch.
With respect to the Rights Issue, the Chairman of the Bank, Mr. Michalis Sallas, stated: "This is an important step for Piraeus Bank, allowing us to further strengthen our capital base in the face of a challenging environment, and putting us in a position to benefit from an improvement in economic conditions."
(Capital.gr)
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Corporate.
- Stato
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