July 26, 2010
There are some folks around Greece these days who say the country needs a strong state-owned bank to finance the country’s growth.
The chairman of state-controlled ATEBank — now the subject of a takeover bid by a private rival — is one of them. He thinks better than falling into private hands, the government should beef up ATEBank and create a publicly-owned mega lender that would hold sway over Greece’s finance sector. Greece’s Socialist government, elected last October, thinks that may not be such a bad idea. In fact, it promised to do just that during its pre-election campaign.
If there’s one thing the Greek crisis has shown, it is that politicians are not much good at running state budgets, so does anyone expect they can run a banking champion more effectively? Does the country need more of the poisonous medicine that got it into this fix?
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