Greece’s Biggest Bank Accused of Violating Capital Controls

Greece’s chief anti-corruption prosecutor has accused Piraeus Bank, the country’s largest lender, of violating capital controls in transactions relating to Libra Group, a US conglomerate that had earlier bailed it out, the Financial Times reported. The case raises questions about the governance and stability of Greek banks, still struggling to recover from an eight-year crisis that saw national output fall by 25 per cent. It also shines a light on the close relationship between Piraeus and Libra, whose family owners built a small shipping company with a handful of vessels into an international conglomerate with operations in 35 countries, from shipping and aviation to renewable energy, tourism and financial services. Read more

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