How the bank of Michalis Sallas absorbed the branches of Cypriot banks free of debt and without paying taxes...
Special tribute to the 'scandalous' favor, which enjoy by the Piraeus Bank and by its major shareholder Michalis Sallas, publish the magazine Unfollow.
In the story titled: "Piraeus Bank: Too big to fail, too big to jail", is made extensive reference to the favorable treatment of Mr. Sallas with the help of the government and Antonis Samaras.
The journal article starts with the fact that most informative websites and newspapers were happy for the results of the stress tests, hiding the fact that the bank of Mr. Sallas was among the 25 banks that failed in the standard part of the process of the tests.
To article speaks for provocatively gifts, offered by the coalition of Samaras - Venizelos in Piraeus Bank and is referring to the "7.5 billion Euros which essentially was given to Mr. Sallas through the EFSF."
As stated: "The story begins in the summer of 2014 when the government, by a provision, secured that Piraeus Bank will not have to pay a single cent for the absorption of the branches of the Cypriot banks. The aim was not only to get rid of the debts that were carrying these banks towards shareholders and bondholders, but also to avoid the taxes of million that should be paid to the Greek state. According to the most modest estimates the specific tax exemption exceeds 200 million Euros!"
According to the magazine, the government had tried to pass amendments related to Piraeus bank in unrelated laws in April and December of 2013, without success.
But Mr. Sallas was constantly pushing Antonis Samaras to find the right formula and to overcome these legal questions, since the Greek laws provide that when acquiring a company must accept the debts, and that for each transfer there is obligation to pay taxes.
Somehow, as Unfollow writes, despite the fact that the amendment caused an intense response from SYRIZA and the AN.EL., the news went almost unnoticed by the media.
The gift of the government was revealed by large law firms which represent bondholders who lost money from the PSI and are turning against Piraeus Bank.
"In relation to the tax exemption, the secret was that in the previous law (Law. 4150/2013, Article 68) there was a clear reference to Article 16 of the 2515 Act, under which a bank in order to have tax exemption should be "total successor", which of course was not the case with the Cypriot banks.
In the new law passed, was removed any reference to Article 16 of Law. 2515 and magically Mr. Sallas did not have to pay a single cent in Greek state!", says the Unfollow.
Elsewhere, the article states that "this transfer does not apply to Article 479 of the Civil Code" resulting Piraeus Bank to be relieved of its obligations to third parties.
In other words, we are talking for 'masterful' practices with which the bank manages to escape from all taxes and debts.
Even more outrageous is the fact that in the amendment for the exemption, the government gave retroactive effect in order to cover the periods of the absorption of the branches by Piraeus, something that hushed - once again - by most Media.
In Unfollow there is a reference in a publication of the New York Times who wrote that, "The Piraeus Bank is one of the largest advertisers in the Greek media" and as we know ... "we do not talk with our mouth full."
The article ends with the ascertainment:
"The case of the unconstitutional laws passed by the government of Samaras - Venizelos perhaps is not the greatest gift of the parties in power. It confirms though, with a totally perverse way, the belief by some that we live the last Soviet republic."