Greek bank employees stage protest - Gayo Lues

Demonstrators marched from the state-controlled ATEbank (The Agricultural Bank of Greece) headquarters to the Greek Finance Ministry in order to show their protest against the changes that are taking place in the banking sector under cost-cutting programs.

Even though the ATEbank is 90 percent state-owned, authorities have announced its sale due to its need for a significant amount of cash to continue operating.

This has raised fears among employees as they are worried they might lose their jobs as a result of the deal.

According to the deal announced last week, the larger rival bank Piraeus is set to take over ATEbank’s healthy assets.

Piraeus Bank acquired, from the state-owned lender, EUR14.7 billion in assets and EUR21.4 billion in liabilities, including EUR14.3 billion in customer deposits.

ATEbank has been undergoing a years-long restructuring program to work off past bad debts and shed unprofitable subsidiaries.

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its fifth year of recession.

One in every five Greek workers is unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent.

TNP/JR/AZ