By Nagia Nikolaou The two Troikas in Greece, the tripartite government and the representatives of the lenders, jointly decided with an orderly plan the worst possible scenario for the Hellenic Post Bank (HPB). Despite the BLACK ROCK evaluation results …
By Nagia Nikolaou
The two Troikas in Greece, the tripartite government and the representatives of the lenders, jointly decided with an orderly plan the worst possible scenario for the Hellenic Post Bank (HPB). Despite the BLACK ROCK evaluation results that showed HPB to be in a much better position than the so-called ”systemic banks”, they will break it into two, a “good” and a “bad” bank. They will, thus, create a transitional institution (“bridge bank”) under the supervision of the Hellenic Financial Stability Fund (HFSF) until it is sold out to a “great player” who will benefit from the HPB assets and deposits leaving the losses for the taxpayer.
This is the “solution” they invented in the face of the funding gap that the Greek bonds haircut (PSI) caused to HPB (after the bank had been forced by the previous Greek government to buy government bonds with the promise of its re-financialization) as well as to the social security funds, the hospitals and the universities that suffered similar damages.
All HPB employees are fired without any compensation at all, because the bank is liquidated. Some of them will be re-employed in the future by the “bridge bank” but without any labor rights or even their union be recognized. Currently the Hellenic Post Bank has 3,440 employees, of which 350 sublet workers.
The struggle of the HPB workers is not just for the bank’s employees, but it concerns also the future of all bank employees, of the depositors, of the borrowers, of HPB’s 72.000 small shareholders who are relentlessly punished with the annihilation of their shares as well as of the wider society to the development of which HPB has greatly contributed the last 113 years of its operation.
The victory of the HPB workers will be a victory for the trade union movement. The HPB workers do not succumb, the bank will be closed with continuous strikes and the main building occupied until all jobs will be secured.
Nagia Nikolaou works for Hellenbic Post Bank and is a board member of the Athens Labour Centre (EKA)
This work is licensed under a Creative Commons Attribution-NonCommercial License.