It’s pretty routine in Greece, where organized labour has a privileged status, to blame the unions for industrial hiccups. But in the case of the embarrassing breakdown of the merger between the country’s largest state-owned bank, National Bank of Greece (NBG), and its biggest private-sector counterpart, Alpha Bank, the unions were, in the words of one local banker, “an excuse, not a cause”.
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Costopoulos (r) and National Bank’s Karatzas: not seeing eye to eye |
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The sticking point in the negotiations reportedly had very little to do with fears of job losses.
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