In
Greece, IMF
Presses For
NBG-Eurobank
Merger, to 40%
Market Share
By
Matthew
Russell Lee
UNITED
NATIONS,
January 18 --
The
International
Monetary Fund
has been known
to press for
the
privatization
of banks. But
in Greece, as
reflected
in the IMF
Staff Report
released at
10:30 am
today, the
Fund is
actively
cheering on
anti-competitive
mergers,
including to
create a
bank with a
40% market
share of
deposits.
Whatever
happened
to antitrust,
and consumer
protection?
The
IMF's Staff
Report
breathlessly
reports that
"the system is
also
consolidating
to lower
costs. Two
smaller banks
were acquired
by two
core banks,
and merger
steps between
two large
banks, NBG and
EFG,
are now
underway."
Bank
mergers are
not automatic
- regulators
are required
to review
them,
including for
antitrust. But
the IMF goes
on to state
that "the
authorities
will allow the
NBG-Eurobank
merger to
proceed. This
could
have
significant
business and
funding
advantages."
After
some brief
cautionary
language, the
IMF relies on
the "EC’s
DGCompetition
[to] review
the anti-trust
aspects of the
deal."
So
does the IMF,
which pushes
for and
praises this
making of
monopolies,
have no
antitrust or
consumer
protection
duty at all?
Watch this
site.
Footnote:
the IMF's
Staff Report
on Portugal
will be
released at
12:30 pm,
Washington
time, today.
, 
