Seeking Alpha

George Liu's  Instablog

George Liu
Send Message
George is a columnist, investor, and economist. He has written for Seeking Alpha, The Motley Fool, Investing.com, Psychology Today and his works have been featured on Seeking Alpha's Wall Street Breakfast, MSN Money, Yahoo! Finance, AOL DailyFinance, CNNMoney, CNBC, MarketWatch, TheStreet,... More
My company:
CH3DDAR
My blog:
Motley Fool Blog Network
  • Are Immoral Monks To Blame For Cyprus' Woes? 0 comments
    Jun 16, 2012 8:23 PM | about stocks: GREK

    Cyprus has recently been in the headlines as another European country on the verge of capsizing, due in part to Greece's economic woes. This Wednesday, Moody's downgraded Cyprus's credit rating two notches, well into junk territory. There have also been reports that Cyprus will receive a substantial loan from Russia to spur its ailing banking industry.

    Cyrus Popular Bank, the main culprit behind Cyprus's banking woes, was formerly private and named the Marfin Popular Bank. It was led by a Greek businessman named Andreas Vgenopoulos, who also owned the Marfin Investment Group. Vgenopoulos then had Marfin undertake large-scale lending to finance the purchase of MIG shares and other Greek stocks, except this time Marfin Bank had the backing of the Cyprus government, which had no idea of the illicit activities. One of the more memorable schemes in the Reuters report detailed how monks in the Vatopedi monastery received 109 million euros in loans from the Marfin bank to invest in Greek assets and substantial shares in MIG. Then when Greece went down, Marfin Popular Bank also tanked, leading to a government takeover and realization of the huge exposure of Marfin Popular Bank to risky investments due to the bank's significant stakes in Marfin Investment Group

    Read the full report by Reuters here.

    Themes: Europe, Economy, Monks, Greece, Cyprus Stocks: GREK
Back To George Liu's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

  • $WAC down nearly 20% on EPS of $0.64 compared to analyst estimate of $0.67. Really?
    Mar 19, 2013
  • Why did FMER plunge 11.3% today on news of CRBC acquisition? In my opinion a pretty good deal.
    Sep 13, 2012
  • LULU cools down a little after soaring 13% on Friday on strong $0.39 EPS versus analyst estimates of $0.31
    Sep 10, 2012
More »

Latest Comments


Most Commented
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.