GEORGE PROVOPOLOUS: Governor of the Bank of Greed

Provopoulus….self-regulation certainly worked for him

“He who is not contented with what he has, would not be contented with what he would like to have.” - Socrates

Bank of Greece governor George Provopoulos was given a severance payment of €3.4 m when he left his former employer Piraeus….a major bank that he now regulates. But he also regulates Emporiki Bank – the black hole that could yet help to blow the French banking system over. He made even more from selling that.

No conflict there then…and of course, no question of the Provo in pursuit of the world’s biggest pension fund before the moussaka hits the fan.

Previously on Banksters, Provopoulos had joined Piraeus Bank on October 18, 2006. As a vice-chairman and managing director, he was entitled to a net salary of €580,000, plus expenses and a bonus. When he resigned from Piraeus after 19 obviously gruelling months of service, on the day before he left the bank its directors approved a massive severance payment of €2.8m.

Before joining Piraeus, George was the chief executive at Emporiki Bank. In August, 2006, the French bank Crédit Agricole acquired 67% of its capital. He oversaw the bank’s sale to Créditag, and then left nine weeks later – reputedly some €6m the richer for his efforts – headed for the BoG Governor’s job.

Not surprisingly, the French Credit Agricole chaps are a tad peeved about the conflict of interest involved here. For yer Frenchies – facing mounting losses at Emporiki – say they’d like some help from……the Greek central bank.

But Greek Central Bank governor George Provopoulos seems reluctant to allow this. Between June 2010 and May 2011, Crédit Agricole lodged numerous requests to borrow from the Greek central bank’s Emergency Liquidity Assistance fund. But the Provo says his refusal to let Emporiki borrow is based on its French parent’s “unwillingness to keep lending”.

We are right down there at the bottom of the hypocrisy barrel on this one. And for those of us informed observers of this surreal rape of the system designed to finance capitalism, it remains hard (not to say impossible) to see why the average Greek citizen is being hounded, taxed, demoralised and repressed to atone for the sins of turds like Provopoulos. When they’ve finished squabbling about who picks up the Nobel Dynamite Prize, perhaps the EU commission could take time out to explain this to us.

Closely related: New poll puts Tsipras’s Syriza 15 pts clear

20 thoughts on “GEORGE PROVOPOLOUS: Governor of the Bank of Greed

  1. Pingback: John Ward – Geroge Provopolous : Governor Of The Bank Of Greed – 14 October 2012 | Lucas 2012 Infos

  2. To quote my friend Christopher
    “The word ‘corruption’ goes nowhere near describing most of what is laughingly-described as ‘governance’ and government in Greece.”

    • The word is ‘looting’ . You know how there is a black out somewhere in NY and people loot and burn? But in Greece there was not black out , they looted ( still looting ) at daylight , systematic looting with no fear of police or fire brigate showing up and spoiling the party.And the worst we can not turn on the power again and having everybody back to ‘normal’.
      Is the only thing they know to do , recklessly .That is why sometimes i think what Γιώργος keeps on repeating here like a broken record might be the only way . The rest us can have theories and analysis and jokes and feel smug,but he is right: hang the ALL , clean up Greece .

      • Niko , who on earth is going to do the change? our politicians? our teachers? our intellectuals ? our technocrats ? our artists? who?
        Over the last 30 years the greek historical , moral , social ,empirical consciousness has been killed ,dead,gone .We need new constitution , new justice system , new education system ,new culture , new ethics ,new direction ,new eyes , new spirits , we need to want and desire and scream and kill for all these . We don’t , so in not going to happen . Is an outopia .

      • Situation totally disappointing (kind expression).
        Choices to go down. Cursing, crying, laughing? All of these? Smug’s gone long time ago…From “ώχ αδερφέ” we passed to “αχ αδερφέ”.
        Here’s Dimos Moutsis on a song i often find self describing….

  3. Insanity. Hallucinating insanity.
    How much a pilot makes for flying 100s of people everyday to their destination safely? (not to mention the mechanics, air traffic controllers etc).
    How much is an average hospital doctor makes, for saving lives? An emergency paramedic?
    What’s the salary of an average teacher for having children’s minds (and souls) in his hands?
    A farmer that provides our food? The policeman from whom we ask to risk his life to protect us?
    The list is very long….and the salaries very small i suspect.

  4. Pingback: EXCLUSIVE: Desperate RBS lobbying for tougher repossession laws | A diary of deception and distortion

  5. Pingback: EUROBLOWN: Oh look, it’s a Greek compromise | A diary of deception and distortion

  6. Pingback: John Ward – Euroblown – Oh Look, It’s A Greek Compromise – 16 October 2012 | Lucas 2012 Infos

  7. Pingback: BREAKING: France on the edge as Credit Agricole sells Emporiki – | A diary of deception and distortion

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