The inventory market was scorching in July. If there was an X inventory, the #Attica Financial institution hashgtag can be first and by far.
Not a lot for the restrict down and the Ovidian fluctuations it recorded, as for the day after its recapitalization.
In any case, even within the Ministry of Finance’s publication, the picture described evoked reminiscences of… disaster.
I do not say it, the Ministry of Finance says it and I refer you to it.
The settlement is in Parliament
In any case, we may also hear them within the Parliament, the place the related invoice might be submitted to the competent parliamentary committee and is predicted to be voted on within the plenary session of the Parliament on Friday, July 26, 2024
There the Ministry of Finance will defend the settlement, as if it did not exist we’d have an issue.
Which might not be restricted solely to Attica Financial institution, which might see a brand new wave of drawback loans and the zeroing of the worth of the participation of the HFSF.
The chain penalties can be nice, as we’d have activated TEKE as properly.
I remind you that TEKE is the Deposit and Funding Assure Fund.
Eleni Brettou
The subsequent day
In any case, we’re in all probability seeing the final acts collect the tailwaters of the disaster.
The subsequent day has begun and the brand new “labels” will go in.
There are two desu that can dominate: the identify of the brand new financial institution that can emerge and the pinnacle.
Eleni Vrettou has a lead, since she is credited with many positives of the previous couple of months. It additionally has the “blessings” of the central financial institution.
However it’s doable that the Managing Director of Pankritia, Antonis Bartholomeos, additionally has an necessary position.
Financial institution of outdated cash
In any case these important fronts are closed, from the start of subsequent 12 months the market estimates that normalization will happen within the financial institution.
Expectations are excessive for the non-systemic pillar, because it has an necessary asset.
Which is named human assets.
You may discover it in the event you stroll into an Attica Financial institution department, which can not but be making its hire (so the clever folks say), however the clerks are serving you.
Not like others…
When the water enters the groove
And if water will get within the gutter, it could be an excellent time for the authorities to research what occurred to that Ellington woman.
I remind you that we realized it in 2021 within the first capital improve of Attica, which was coated for probably the most half by the HFSF and TMEDE
At the moment the funding car (spv) Rinoa (suggested by Ellington Options) had acquired 8.08% of the shares of Attica Financial institution with a mortgage it had taken from TMEDE.
However the deal collapsed as a result of Ellington’s participation within the new improve of 473 million euros and Rinoa returned the shares, successfully reversing the mortgage it had taken from the Fund.
Once more, Thrivest Funding, Pancreatia Financial institution and HFSF carried out properly and coated it.
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The ECM output
In any case, within the realm of investments, you shouldn’t solely know when to enter… but additionally when to exit.
And as we’re knowledgeable by the market the timing of the ECM exit from Famar it was not optimum (sic).
Like for instance that commerce he had made with Marmara Pavlidis that had made 30-50 million (in keeping with the market estimate) inside six months.
ECM, along with York, had since 2020 injected vital new capital to strengthen Famar’s actions, not solely in Greece, but additionally in Italy and Spain.
York exited in 2021 with vital goodwill, with Metric Capital Companions then taking a stake.
ECM stayed… till it left.
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The… limitless tangle of Folli Follie…
Nevertheless, they don’t intend to observe the instance of ECM the bondholders of Folli Follie.
And the administration is aware of it, which is why it is able to press the “button” of the attraction towards the court docket choice that gave the… “frozen” belongings of the corporate to the small shareholders.
My sources inform me that the authorized motion will most definitely be submitted in September, after the baths of the… folks.
Don’t forget that the courts have closed and it’s anticipated on the finish of August.
I remind you that the precise belongings (actual property and money of roughly 3 million euros) are a cornerstone for the completion of the consolidation plan agreed with the corporate’s bond collectors.
With out them, the long-suffering firm will hardly be capable to survive. And that is as a result of he nonetheless would not have entry to the banking system (dangerous tongues say he could not anyway as he strikes to the… restrict).
… and the Koutsolioutsa bar in Kolonaki
Efforts to stimulate liquidity, nevertheless, proceed as regular.
On this context, I’m knowledgeable that it’s continuing with chosen – focused divestments of belongings that haven’t been pledged.
For instance, there are some properties and likewise some participations in companies that the corporate inherited from the earlier state of affairs.
Indicatively, as authoritative sources inform us, Folli Follie had a small share in an leisure enterprise (bar) in Kolonaki! Dowry of the Koutsolioutsos, who, we remind you, charged their service workers to the corporate!
On the identical time, actions proceed to draw traders who will play the position of “white knight”. It’s mentioned that the CEO of Folli Follie is in open communication with two funding schemes, one from Greece and one from overseas.
The progress and final result of any discussions might be decided by the reversal of the asset freeze choice…
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“Cracked” the mirror of the financial system
“Cracked” seems once more the…mirror of the Greek financial system.
The figures introduced yesterday by the Financial institution of Greece present an enormous deficit within the present account steadiness for the 5 months, which reached 9.1 billion. euro.
The above creates vital dangers for the Greek financial system, because the consultants clarify, provided that the losses from the export of products aren’t coated by the elevated vacationer receipts, but additionally by transport.
Along with the truth that the federal government’s narrative is “disproved”, a critical subject is created for the course of our financial system. In any case, in 2009 there was not solely a debt disaster but additionally an enormous hole between imports and exports.
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Dairy firms are attempting
And inside this hole between imports and exports happily we have now the dairy industries.
They could be struggling within the inside market, primarily within the milk class, as I knowledgeable you a number of days in the past, however their export exercise… is “blowing”!
Feta and yogurt, that are one of the best sellers, “run” glorious performances within the worldwide markets.
And in a interval that’s not one of the best by way of buying energy, particularly of European shoppers.
The lion’s share
The “lion’s share” within the exports of the 2 dairy merchandise is loved by the Hellenic Dairies, Kri Kri, Mevgal, Delta, Dodoni – and a number of other smaller cheese firms, that are completely export-oriented.
A good portion of exports are non-public label merchandise produced for giant European retail chains.
All the way in which to Asia!
Cyprus, Iceland, Austria, Poland, North Macedonia, are simply a number of the markets the place Greek yogurt has very excessive gross sales charges, whereas on the identical time it has now began to turn out to be a global product by opening a number of Asian markets, akin to Philippines, Macao and Vietnam.
Then again, feta has the very best development in France, Spain and the USA.
It clearly lags behind yogurt by way of geographical unfold, since in Europe it’s protected as a Greek product as a PDO, whereas in the remainder of the world it’s primarily the Danes who abuse the “feta” model utilizing cow’s milk.
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