That’s a loss of €2bn, but cheap at twice the price given the liabilities and derivatives nightmare.
As flashed in Smoke Signals yesterday, France is on the edge. The Slog posted:
‘Emporiki Bank and the unpleasant George Provoloupolos at the Bank of Greece are also implicated here. I sense I must post now (9.15 BST 16.10.12) as there are signs that this new bombshell is about to break cover.’
What happened here was that Provo the Crook played hardball with CreditAg, and they had no choice but to withdraw. One hopes George has good security and burly minders. Perhaps he should be Greece’s chief negotiator with the Troika.