The financial crimes being committed against the people of Greece are staggering. It’s hard to keep track of them all, but the latest one has cost the Greeks about 40 billion euros after Alexis Tsipras and Troika transferred state ownership of four banks to foreign investors for a knock down price.
The price of the shares was driven into the basement by manipulation of the stock market allowing other investors buy up the banks for next to nothing.
Tsipras and the creditors allowed private investors to price bank shares using a so-called “book-building method.” Under this method, investors set the price at which they want to buy the shares.
“According to Greek banking sources, Capital Group, Pimco, WLR Recovery Fund, Wellington, Fairfax, Brookfield Capital Partners and Highfields Capital Management are among those who jumped at the opportunity to buy up Greek banks at below-market value this month,” writes CNBC.
“The foreign investors valued the four banks at about $800 million, which is more than three times less than their current market value of $3 billion. “
“Moreover, from Nov. 4 to Nov. 20, when the book building took place, the index of bank shares on the Greek stock market fell nearly 70 percent.”
“These are horrendous figures,” Emilios Avgouleas, a professor of banking law at the University of Edinburgh, told CNBC. “What is so disturbing is that this fire sale is going on with the blessings of European creditors. That makes it hard to brand it an asset looting. The loss for Greek taxpayers is enormous.”