5 ms·

I agree that they wouldn't have the time to tell the markets or other countries. But Tsipras and Varoufakis didn't even tell the Greek Government. And hacking a

by BenjiBG 11y ago

I agree that they wouldn't have the time to tell the markets or other countries. But Tsipras and Varoufakis didn't even tell the Greek Government. And hacking a bank is still illegal.

nl 11y ago
It's not "a" bank, it was the (government controlled) Bank of Greece. Varoufakis - as finance minster - had responsibility for that, which arguably makes what he ordered not actually illegal (because the records would have been transferred between two areas under his control within the government).
- Tomte 11y ago
  As all central banks in the Eurozone, the Bank of Greece is not government-controlled, but independant.
  - nl 11y ago
    That simplifies the actual situation. Yes - in common with most central banks it is supposed to be independent. However It ... acts as a treasurer and fiscal agent for the Greek government[1] and is partially owned by the Greek government (35%) [1] https://en.wikipedia.org/wiki/Bank_of_Greece https://en.wikipedia.org/wiki/Bank_of_Greece
    - Tomte 11y ago
      No, you try to confuse the issue. The finance Minister of Greece has no authority to order the BoG around re: fiscal policy, nor has he any right to seize its money.
      - dragonwriter 11y ago
        > The finance Minister of Greece has no authority to order the BoG around re: fiscal policy AFAIK, this is incorrect. The government orders that bank with regard to fiscal actions (that's what the "fiscal agent" role means.) Monetary policy is another thing.
        Tomte 11y ago
        You're right, I confused those two.
      - nl 11y ago
        Bank of Greece shareholdings: https://www.nbg.gr/english/the-group/corporate-governance/shareholder-structure/Documents/NBG_EN_Shareholders_Structure_30.06.2015.pdf https://www.nbg.gr/english/the-group/corporate-governance/sh... That 57% owned by the HFSF? That's the Hellenic Financial Stability Fund[1], the management of which is controlled by the Greek government[2]. [1] https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_Fund https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_F... [2] https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_Fund#Management https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_F...

by BenjiBG 11y ago

I agree that they wouldn't have the time to tell the markets or other countries. But Tsipras and Varoufakis didn't even tell the Greek Government. And hacking a bank is still illegal.

nl 11y ago

It's not "a" bank, it was the (government controlled) Bank of Greece. Varoufakis - as finance minster - had responsibility for that, which arguably makes what he ordered not actually illegal (because the records would have been transferred between two areas under his control within the government).

Tomte 11y ago
As all central banks in the Eurozone, the Bank of Greece is not government-controlled, but independant.
- nl 11y ago
  That simplifies the actual situation. Yes - in common with most central banks it is supposed to be independent. However It ... acts as a treasurer and fiscal agent for the Greek government[1] and is partially owned by the Greek government (35%) [1] https://en.wikipedia.org/wiki/Bank_of_Greece https://en.wikipedia.org/wiki/Bank_of_Greece
  - Tomte 11y ago
    No, you try to confuse the issue. The finance Minister of Greece has no authority to order the BoG around re: fiscal policy, nor has he any right to seize its money.
    - dragonwriter 11y ago
      > The finance Minister of Greece has no authority to order the BoG around re: fiscal policy AFAIK, this is incorrect. The government orders that bank with regard to fiscal actions (that's what the "fiscal agent" role means.) Monetary policy is another thing.
      - Tomte 11y ago
        You're right, I confused those two.
    - nl 11y ago
      Bank of Greece shareholdings: https://www.nbg.gr/english/the-group/corporate-governance/shareholder-structure/Documents/NBG_EN_Shareholders_Structure_30.06.2015.pdf https://www.nbg.gr/english/the-group/corporate-governance/sh... That 57% owned by the HFSF? That's the Hellenic Financial Stability Fund[1], the management of which is controlled by the Greek government[2]. [1] https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_Fund https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_F... [2] https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_Fund#Management https://en.wikipedia.org/wiki/Hellenic_Financial_Stability_F...