supporttheunderdog wrote:CBBB wrote:Having said all that, it looks as though the retail industry is about to go through even worse times with one of the main (if not the main) supermarket chains about to go down the tubes, which in itself would not be a bad thing, but the knock effect to suppliers who are probably owed for everything they supplied that chain in the last year (at least!) will be devastating, as many of them will also go down. Not to mention the effect this will have on the Banks (yet again) that are ultimately financing all that credit.
see Tales From the Coffeeshop Tof: the saviour of the institutions that screw poor people - Cyprus Mail
http://www.cyprus-mail.com/christofias/tales-coffeeshop-tof-saviour-institutions-screw-poor-people/20121125
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So according to the maii it is the Big "0"IT IS NOT only the banks that need a bailout. The Orphanides supermarket chain could also have done with a big injection of cash, but its survival is not considered essential to the smooth functioning of the economy, at least by the IMF.
The company is set to go into administration, but at present its two biggest creditors, Laiki and the BofC, are bickering over the identity of the administrator. Both banks want to keep the company afloat because if it sank they stood to lose huge amounts of money, not to mention the chain’s hundreds of creditors who would go down with it.
You read it here first!
