February 5, 2023

Valley Post

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Don’t shoot the bankers

During SYRIZA, “bad bankers” undermined honest government in the highlands and prevented socialism from showing its virtues. I didn’t think we would see similar scenes today. Polls may show bankers as easy victims every election season, the best enemies of any “friend of the people”, but the reality is far from the image of an old man counting his golden pounds every night. curiosity

So the reality is that banks’ “super profits” are not coming back. At least a large portion of them come from actions that are not repeated in subsequent applications. It is also true that amendment of loan agreements will change the data on the capital that banks are required to hold. Still, the Greek banking system is not keeping its head above water. It would be a shame to give one over and then send it down again. As with the redundant memo following the rhetoric of 2015, taxpayers would again pay for such a case.

Bankers, on the other hand, suffer from their own public relations, trying to convince investors around the world that their banks’ stocks are a worthwhile investment proposition. The market will judge when that actually happens. Because markets are aware of both the value of negotiable securities and the consequences of tough government rhetoric against banks. And they charge accordingly. The bankers took the silverware out into the street, but they forgot to tell us about the skeletons they still had hidden in their closets. Yes, the banks are doing well, but we have not yet reached a point where we can say that we can start paying dividends, as Kapsasakis’ Labor or Kostopoulos’s Credit did.

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2022 banks are not like 2000 banks. And this is the result of the crisis. Actually banks are not doing their traditional job but they are (still) managing bad loans. This is not good for the economy and can do some substantial things to get the engine moving again. But such events do not happen in the tried manner.

Competition gives the consumer the best outcome. Because 4 legitimate banks are not a good example of competition. The number of banks was once again, and this should now be continued. Four banks can become fives and sixes. Two-and-a-half banks may benefit bankers, but they also harm competition.

Today there are many small regional banks that on their own cannot offer anything more than what we see, but through mergers they can be a real alternative proposition. Pancreatic examination is very interesting. And Attica may also be a Pole.

It’s easy to blame everything on the bankers. But that’s not the case. Because someone can start populism, we want to remind everyone how costly similar “attacks” were in the past. On the other hand, banks have room to improve on some things. But this too cannot be done amid public controversy and in the pre-election period.

Thanasis Mauritis

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