Press Review April 16: Bailed out Eurobank to be sold at a loss of billions to taxpayers

Eurobank is privatized at a major loss to the Greek taxpayer; the cost of borrowing via T-Bills drops significantly; a lack of liquidity is choking the Greek market; Bulgarian shell companies allow Greeks to avoid taxes on big cars; and goods and bads from an assessment of Greek universities. Photo by Images_of_Money via Flickr.

The Press Project
16 Απριλίου 2014 | 10:45:17

	EFIMERIDA TON SYNTAKTON Eurobank: Sold for next to nothing After the passage of the omnibus law that allowed the bank to be privatized at a loss to the Greek state The impending giveaway of Eurobank was completed yesterday with the selection of a group of strategic investors by the Canadian company Fairfax. It will be the first bank that will be privatized at a huge loss to the state. Taxpayers paid over 7 billion euros for 93.5% of Eurobank and now the Hellenic Financial Stability Fund is selling 66% for a total of only 2.86 billion euros.
	IMERISIA A dramatic drop in the cost of borrowing Interest rates on T-Bills fall impressively For the first time in the past decades, according to the Public Debt Management Agency in a report sent to parliament, the public debt will reverse its trend and will fall, both as an absolute number and as a percentage of GDP The messages from the borrowing front are particularly positive. After the successful issuance of 5-year bonds with a relatively low interest rate, a drastic reduction in the interest rate on T-Bills was observed. In yesterday’s issuance of three month T-Bills, the interest rate fell to 2.45% which is the lowest rate in 50 months.
	ELEFTHEROTYPIA Deutsche Bank: the lack of liquidity in the market is choking Greek companies The situation for domestic business is tragic, as revealed by Deutsche Bank which says that 53% of companies are grappling with a lack of liquidity while it estimates that this year the Greek economy will grow by 1%.
	TA NEA The big trick with Bulgarian license plates Greeks set up shell companies in the neighboring country in order to avoid high taxes on big cars The number of Greek businesses in Bulgaria is constantly on the rise: according to official data by the end of 2013 there were a total of 9,000, up from 6,000 in 2012, or a 50% increase.These companies are by and large shell companies and were created with the sole aim of buying a car with a large engine [which are heavily taxed in Greece].
	ETHNOS Good and bad marks for 50 higher education institutions The conclusions from an assessment performed by foreign professors Athens Law School: Students do not have easy access to professors Patras Mathematical School: An unwillingness to implement the law for the ‘eternal’ students Crete Medical School: The medical school changed the landscape of clinical care on the island Thessaloniki Law School: Excellent teaching staff, an impressive number of publications The advantages and weaknesses of the top universities and departments in the country have been catalogued in reports by renowned foreign researchers. In the negative column are the large numbers of students, party politics and bureaucracy.