Καρυδάς: Η άλλη ιστορία για BOCY (updated)

G?at? ?a?e?? de? a?t?d?ase ??a ap?fas? ep??tas? st?? ????da;
?? ?S ??????e t? ???? a????? e???????? ?µ??????. G?at? de? ??t?se µe??s?;
? ??. ?atsa??d?? ?a???se ??a epe?d?se?? st?? ????da
?e????? st???? ?ta? ? ep?te??? t?? st???? t?? d?????t?
?e ?atad??asa? p??? µe d???s???
???st?f?a?-??µ?t???d?? ?at?st?e?a? t?? ??????µ?a
S?a???-??p?? ??a?a? ???e? se ???st?f?a-??p??a???

??a ???? p???pt??? t?? ?at?stas?? st?? ???pe?a ??p??? ?d?se st?? ?at??es? t?? e??p??? t?? ??e???t???? ?p?t??p??  ? t??? ??e????t?? t?? ??e????s?? ??a?e???s?? ???d???? t?? ???pe?a? ?????a? ?a??d??.
? ?. ?a??d?? ?a?a?t???se t?? ea?t? t?? ?? t? e????? ??µa t?? ?p??es?? t? ?p??? t????e ?p? d???µ? ?a? f??t????e ??e? t?? e????e? ??a t?? a???? t?? e???????? ?µ??????.
?e?????ta? ap? t?? a???, a??fe?e p?? ?ta? ????e ? epa?a???? t?? e???????? ?µ?????? sta t??? t?? 2009 ? d?aß??µ?s? t?? e???????? ??????µ?a? ap? t?? ???? Moody’s ß??s??ta? se ep?peda A2 ?a? A3.
?????se p?? a? ?a? t?? ?????? t?? 2009 ?a????st??e ?? ???? ??a e??????? ?µ????a ta 3d?? e??? e?t??t??? e??a? p????f???e? ?t? µet? t?? e?????? ? ??a ??ß????s? st?? ????da ?a ?de???e µe?a??te?? ???e?µµa. Se s??e????s? µe t?? ???st??? ?atsa??d?, d?e????t? t?? d?a?e???s?? ??a?es?µ??, p??s?ese, p????saµe t? µe?a??te?? µ???? t?? e???????? ?µ?????? e?t?? Septeµß????.
Se e??t?s? t?? ?p?t??p?? a? ? a???? ?µ?????? ????ta? µet? ap? s??e????s? d??? t?? ?a? t?? ??t??a ????d? ????? e??µ???s? ?S ? ?????a? ?a??d?? ap??t?se a???t???.
???fe?e p??t??, p?? st?? 11 ?e?eµß???? t?? 2009 e??e pe? st? s?µß????? p?? ? ???d???? p?? a?a?aµß??e? ? t??pe?a ??a?t? e???????? ?µ?????? e??a? ?aµ???? ?a??? µe?????e ? ???es? ap? ta t??? ??t?ß????. ?p? t?? ????, apa?t??ta? se e??t?s?, pa?ad?????e p?? e?e??? t? µ??a ? t??pe?a e??e e??????? ?µ????a pe??p?? 500e?. e??? ????? ?µ?? ?a d?e???????e? p?te a????st??a?. ??? ?d?a µ??a, ?p?? e?pe, s?????ese st? ??afe?? t?? s??ed??as? st?? ?p??a pa?e?????sa? ? ???st???? ?atsa??d?? ?a? ? Te?d???? ???p?? e? µ????? t?? d?e????s?? d?a?e???s?? d?a?es?µ?? ?a? e?p??s?p?? t?? d?e????s?? d?a?e???s?? ???d????.
«Se e?e??? t? s????t?s? ap?fas?saµe ?a ??s??µe ??µa µe??s??  sta 2d?? ta e??????? ?µ????a ap? 3d?? st? ep?µe?? ?????p ALCO (Asset-Liability committee)». ? µe??s? e???????e st?? 21 ?e?eµß????. ? ?. ??p??, p??s?ese, pa?e???s??ta? st? s??ed??as? ??a µe??s? t?? ????? ap? 3d?? se 2d?? e???. «?ta? ??p???? t?? d??????? ap? t?? t??pe?a µp????? ?a t?? ta f??t?s??? ??a», a??fe?e µe ???µa.
?a??????a, ?a?a?t???se a?a????? ?t? ?? a????? ?????ta? µe p??f?????? ?d???e? ????d? ?a? t?? ?d??. ? s???e???µ??? a?af??? ????ta? se ep?st??? p?? ?ste??e ? G?????? ??p?? st?? ?p?t??p? ?efa?a?a????? ?a? ??a t?? ?p??a ?p?? e?pe de? ??t????e ?a? ? ?p??? t?? a? ?a? ß??s??ta? t?te st?? t??pe?a.

? ep?st??? ?atsa??d?

St?? ?at??es? t??, ? ?????a? ?a??d??, ep??a??st??e ??e?t?????? µ???µa p?? e??e st?? ?at??? t?? st? ?p??? ? ???st???? ?atsa??d?? ??e????t?? t?? ?p??es?a? d?a?es?µ?? ?a???se t?? Te?d??? ???p? t?? ?d?a? ep?t??p?? µa a???p???s??? ta e??????? ?µ????a ?a? t???? d??e?a p??? ??at???? ep??e???se??. ?? email e??e ?µe??µ???a 28/11/2009, ?p?? a??fe?e. St? email fa??eta? µ???sta ?a a?afe??ta? p?? ßas??? ???t???? ??a t?? ep??d?s? ?ta? ta ?a?? spreads (ap?d?s?).  
S????????ta? ep?st??? t?? ?e?t????? ???pe?a? st?? ?p??a ????ta? ?p?de??? ??a t??? ???d????? ap? ??at??? ?µ????a ?a? s???e???µ??a e???????, a??fe?e p?? ?p???e µ?a ?e???? ep?st??? ap? ?? t?? ???t?? t?? 2010 ??a t? ??µa t?? ???d???? ap? e??????? ?µ????a. ???s?ese p?? ap? t?? ?p????? t?? 2010 ?a? µet? a????st??a? µ??? 52e?. e??? se e??????? ?µ????a. «Staµat?saµe ?a a???????µe».
S????????ta? ??at? ta e??????? ?µ????a de? µe?????a?, a??fe?e p?? a?t? ????e ??at? ??at? ?atat?????a? µ???? ?a ???µ?s???.
?pe?aµ???µe??? t?? a????? e???????? ?µ??????,  a??fe?e p?? ?t? ????ta? ?ta? µ?sa sta ???a p?? ?????p??????a? st?? ep?t??p? ALCO ? ?p??a µp????se e?te ?a ta ap?????e? e?te ?a ta µe??se? ??t? p?? de? ??a?e.
?a??d????µe??? ?? Alvarez
?ta? t?? t????a? a??et? s?µe?a ap? t?? ???es? t?? Albvarez & Marsal, ? ?. ?a??d?? a??fe?e p?? de? pa???s?????? t?? p?a?µat??? e????a ?a? e??a? p??a?? ?a e??a? ?a??d????µe??? ap? t??? e?t???d????? t??? pa?ap?µp??ta? st?? ??? d?????t? t?? ?e?t?????.

?atsa??d?? p??? ????d?

?? s?ept??? µe ß?s? t? ?p??? ????e ? a???ap???s?a e???????? ?µ?????? t? 2009, e?de??µ???? ?a ß??s?eta? se ??a ??e?t?????? µ???µa p?? ap?ste??e ? ??. ?atsa??d?? st?? CEO t?? t??pe?a? ??t??a ????d? t?? ???µß??? t?? 2011 (?ta? ??e?d?se t? ????eµa).

St? email a?afe??ta?:

????? t?? Sept?µß?? t?? 2009 ? p??ß?e?? ??a ???e?µµa st?? ????da ??µa???ta? µet? 5-6%. ??? Sept?µß?? t?? 2009 p????saµe ?µ????a 1.5d?? µet? ap? f?µe? ?t? ?? p?a?µat???? a???µ?? ?ta? ????te???.
??? ??t?ß??? t?? 2009 ? Eurostat a??fe?e ?t? ??a t? 2008 t? ???e?µµa ?ta? 7.7%.
?p? t? t???? ??eµß???? 2009 t? spread sta?e??p??????e epe?d? ? a???? ????se ?t? ta ?e???te?a p??asa?. ????saµe ?a ?t????µe ?a?? t? p??t?f???? t?? e???????? ?µ?????? t?? Sept?µß?? t?? 2009. ???a? ded?µ??? ?t? ta stat?st??? st???e?a ??a t?? ???a pa?ap????sa? ?a? t??? ?????? a???????s?? ?a? t??? epe?d?t??.
?? s?µß????? ?p?epe ?a ??????e? ta ???a
?p? t?? ?at??es? t?? ?????a ?a??d? e???eta? t? s?µp??asµa, p?? ?at? t?? ?d?? t? ??????t??? S?µß????? ?p?epe ?a ??????e? t? ???? a????? ?µ?????? ?a? ??? t?? s???e???µ??? a??a t??? ef?s?? de? ?pe??ßa??e t? ????.
???fe?e µ???sta, p?? t?? ???t?? t?? 2010 ?ta? ????e ? s??ed??a t?? ?p?t??p?? ???d???? t?? ?S s???t????e t? ??µa t?? e???????? ?µ?????? a??? ?e??????e p?? ta ?e???te?a p??asa?.

? ep??tas? st?? ????da

? ?????a? ?a??d?? d?e??t????e ??at? de? ?p???e a?????? a?t?d?as? ?a? ??a t?? ap?fas? t?? t??pe?a? ?a epe?ta?e? st?? ????da ? ?p??a ?a? p??? ??f???e t?? ?e??µß??? t?? 2009 µe t?? ?????s? t?? ??????t???? S?µß??????. G?a t? s???e???µ??? ??µa ?a? p??? ????e? s?ßa?? e????? st?? ???st??? ?atsa??d?, ? ?p???? e?s??????e t?te t?? a???p???s? t?? e???????? a?????. ?e t?? ap?fas?, e???????e ? a???s? t?? ?atast?µ?t?? ?at? 75 ?a? ? p?st?t??? ep??tas? ?at? 37%.
G?a t? ?d?? ??µa ? ?. ?a??d?? ????se ?a? t??? Alvarez & Marsal ?? ?p???? ap?f??a? ?a a?af????? ta p?? p???. «?a ap?te??sµata t?? Alvarez & Marsal ?ta? ?a??d????µe?a», epa???aße.
S????????ta? pe?a?t??? t?? e???se?? ?&? ?p?st????e p?? ?ta? ???e ?t? ? ?e?t???? de? as???se ??a??p???t??? ep?pte?a t?? ???e ??a ?a e?f??s??? t?? e?t???? a?t?? p?? t??? ?d?se t?? ?d???e? ?a? ? ?p???? ?ta? ? ??? d?????t?? p?? ??e?e ?a ???e? e????e? st?? p??????µe?? ??a µ? ??a??p???t??? ep?pte?a.

?a f??t????a ??a

? ?????a? ?a??d?? a??fe?e p?? epe?d? de? ??a?e ???e? se ?a???a ??’ a?t? de? st???????e ap? ?a???a.
Se s?µe??µa p?? a?????se st?? ?p?t??p? a??fe?e p?? ? ap?µ?????s? t?? s??d????e µe ??? t?? e????? ??a ta e??????? ?µ????a e?? ? e????? ?ta? s????????.
???s?ese p?? ? ap?µ?????s? t?? ????e epe?d? ?a ?fe??e a?t????s? st??? s?ed?asµ??? t?? d?????t? t?? ?p??? ?a? ?at????e? ??a d????te?se? st?? ??p? t?? ????? ??a t??? ?p????? d??????e. «???? ?a? ?e????se? ? ??e??a ??a ?µ????a µe e??e ?atad???se?, ????? ?a µ?? d??e? d??a??µa ?a ?pe?asp?st? t?? ea?t? µ??», a??fe?e.
?at? t?? ?. ?a??d? e??a? pa??d??? p?? ?ta? ????e ? a?ad?µ?s? t?? d?e????t???? ?µ?da?, ? ???st???? ?atsa??d?? d?e????t?? t?? ?p??es?a? ??a?es?µ?? t?? t??pe?a? ? ?p??a ?a? ??a?e ??e? t?? a????? a?aßa?µ?st??e a?a?aµß????ta? ep?p??s?eta ?a?????ta. ???a? ????? ap???a? p?? ?t?µ? ap? t?? ?p?????st? t?? ?p???? ?at’ ?s????sµ?? t?? Alvarez & Marsal d?a???f??a? ?at? t?? ??t?ß??? t?? 2012 s?µa?t??? ????afa t?? pe???d?? p?? a????st??a? ta e??????? ?µ????a e?a??????e? ?a ß??s?eta? st? ??s? t??, a??fe?e µe ???µa.  
«??t? ?a? µ??? ap?de????e? p?? st???? de? ?ta? ? ?µa?? d?e?a???? t?? ??e??a?, a??? ? ap?µ?????s? ???? ?s?? ?a ?ta? eµp?d?? st?? ???p???s? t?? s?ed??? t?? ??????t?».
?at? t?? ?d??, ??µ?t??? ???st?f?a? ?a? ?a????? ??µ?t???d?? ?at?st?e?a? t?? ??p?? µe t?? s??e?e?? ?atast??f???? a?af???? t??? ??a t?? t??pe?e?. ?? t??? p?ste?e ? ??sµ?? ? ELA de? ?a ?ta? sta 11d?? e??? a??? sta30-40d?? e???. 

???? ? ?µ????a

?d?a?te?? a?af??? ??a?e ? ?????a? ?a??d?? st? ??µa ?µ????a ?a? ???t??d?? ?e?f?t??.
?f?? a??fe?e p?? ?? ???a??asµ?? t?? t??? p???d??? t?? s?µate??? ???s?µ?p?????ta? ??a ?µµes? ???µat?d?t?s? t?? ?µ????a?, ?p?st????e p?? ?p???a? t??ef?????? pa?eµß?se?? t?? ??µ?t?? ???st?f?a ?a? t?? ??t??? ??p??a??? p??? t??? ??t??a ????d? ?a? Te?d??? ???st?d?µ?? ?t? ?pe?ß?se?? e?at?µµ????? ?a ?a??pt??ta? ap? ???e? p????.
???fe?e µ???sta, p?? ? p???? ?p?????? ?a? st??e??? t?? t??pe?a? ??s?? S?a??? e??????e pa??t?pa ?ata??se?? st??? p?? p??? ???a??asµ??? ?? ?p??e? de? d??a????????ta? ap? t?? ????? e??as??? t?? eta??e??? ?a? ?at? pa??ßas? t?? es?te????? ?a????sµ?? t?? t??pe?a?. ???fe?e µ???sta, p?? ??t?se ?a ???e? s?et???? ??e???? ap? t? ?µ?µa ?s?te????? e?????? a??? µet? t?? ap?????s? t?? de? ???e? t? ????e.
G?a pa??µ??? ??µa, ?. ?a??d?? ???f?se t?? ?. S?a??? ?a? t?? G. ??p?? ?t? p??????sa? se p??s???? t?? s?????? t?? ?? t?? ???? st? ????t?st??? ?d??µa t?? t??pe?a? ?st? ?? ?????a?? ?ta? e?t?? ????? ?a? se pe???d? p?? e??a? pa??se? ?? p??s???e??. ???s?ese µ???sta p?? ??a t?? p??s???? ?? ????d??, ???st?d?µ?? e??µe?????a? e? t?? ?st????. ???t??, fa??eta? ?a ???a?e t? ??s? p?? e??f?ase t? ?a???a??? t?? 2012 ?t? d??ad? ap??????e epe?d? t????se a?t??e?µe???? st?s? se t?t??a a?t?µata ?a? a??fe?e p?? ? sp?µ?????s? t?? µp??e? ?a e??e s??s? µe ta s??d?a ??a p???? "e????a?s?" t?? t??pe?a? ta ?p?a t?te de? ??????e.

????? ap?????e ??e? t?? f?µe? ?a? d?µ?s?e?µata ??a µ??e?. ?a??????a, d?e??t????e ??at? ?? ?&? st?? ??e??a t??? ??a Uniastrum a?af????? ?t? de? e?t?p?st??e ??t? ??a µ??e? e?? st?? ??e??a ??a ta e??????? ?µ????a de? ?????? ?aµ?a s?et??? a?af???.