Remains whether if these measures will suffice

Well, the carnage took place. According to the forecasts of analysts, Greek banks face head-on the impact of the Hellenic recession in the first half. Part Emporiki, the subsidiary of Credit Agricole, which has doubled its losses to 535 million euros, and Agricultural Bank of Greece (ATEBank), which recorded a loss of EUR 110 million, the main institutions of the country remain in the Green, but fall is striking. First lender in the country, National Bank of Greece (NBG) saw its profit blend of 80, to EUR 146 million. The net result of Bank of Piraeus fell to 10 million euros, 92 less than last year, while that of EFG Eurobank is divided by more than three to 50 million euros. Overall, the results of Greek banks melted about 60 on the entire sector.

Like NBG, who had to pay us $ 93 million of outstanding tax and has lost EUR 249 million on the bond trading, the banks have suffered sovereign debt and crisis measures national rigour, but lean performance due to the recession. "The fundamental operational remain bad, says Alex Koagne, analyst at Natixis.". Credit growth remains weak, the funds of the deposit continues and the cost of the risk continues to increase. "Despite revenues up 12, Bank of Piraeus recorded a decrease of 7 of its deposits. The deterioration of their assets and the increase of their provisions, which increased by 58 in Emporiki and 31 in National Bank of Greece, Greek banks are seeking to protect their solvency and liquidity.

"We believe the contraction of the Greek growth to less than 4 this year, and in addition 2 next year, says Alex Koagne.". With the economic recession, the defects of individuals and companies will multiply. This is why the performance of Greek banks will remain bad on the next few quarters.

Support of the ECB

Very dependent on the European Central Bank - in July, that had already recapitalised it to the tune of EUR 96.2 billion-, the sector is pressed by the Government to consolidate. Holding shares in many schools, the State recently appealed to Lazard, Deutsche Bank and HSBC to develop a comprehensive strategy for these assets. Piraeus Bank also made an offer of EUR 701 million to buy the 77 held by the Government of Greece in ATEBank and its 33 in Hellenic Postbank. Only bank in the country to have missed tests of resistance Europeans, ATEBank has proposed a merger with three other institutions controlled by the State, while Alpha Bank would consider a merger with National Bank of Greece with a large bank or European.

Remains whether if these measures will suffice. "The consolidation of the sector will not actually be a panacea to business problems, warns Alex Koagne.". On the other hand, it would have the advantage of relieving the liquidity of Greek banks to some extent, by limiting the war to the collection of deposits. "The immediate Greek banks will still benefit from the support of the ECB device which must be extended Thursday.