Greek banks face down the crisis

Greek banks’ share prices plummeted in 2008 – even before Lehman collapsed. Despite this, as well as higher inflation, slower economic growth and more taxes, they have ploughed on with ambitious regional expansion plans. Can Greek banks defy the global financial crisis? Dominic O’Neill reports from Athens.

ATHENS AIRPORT IS brimful with tired and irate tourists, desperate to leave Greece. It is a beautiful autumn evening but a UK package travel airline has just gone bust, stranding thousands of passengers.

Many Greeks would be glad to see them gone, preferring Russian or Chinese tourists, who spend more.

But unfortunately this is a story repeated throughout the Hellenic economy. Greece has benefited immensely from joining the European Union long before other countries in southeastern Europe.

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