IN THE END, fears that the
Although the chairman of the board and the CEO had to respond to awkward questions from the old shareholders of the bank – some verging on the hostile – during the marathon meeting, the argument that this was the only secure way forward for the bank won the day. It was very difficult to argue anything else, given the precarious position the bank was in and the stress test it is scheduled to undergo in October.
The new investment will make the
At Thursday's meeting most of the arguments heard against the issue were emotional and came with a high nationalist content. There was mention of the Turkish invasion, of defending the homeland from the Turks and of the danger of the systemic bank being controlled by foreigners – which Hourican quite rightly dismissed as xenophobic and incompatible with modern business practice. One of his remarks put the matter in its proper context and reminded us that leadership needs to have a clear vision.
"We have to change this debate from one about foreign investors coming in to loot our banks to one of serious foreign investors showing confidence in us and the prospects of our banks. The idea that funds are here to strip assets is nonsense. Some of the most sophisticated investors in the world have checked the numbers and decided that the
Unfortunately, the celebrating should be put on hold for now, because our politicians could still wreck everything by voting against the foreclosures bill on Monday or watering it down so much that the troika would refuse to accept it.
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