Certainly when hellasfrappe first heard about this story it seemed to good to be true because the money is more than enough to bring Greece's public and private debt to null, but we still have some reservations over its authenticity. The value of the four shares is sufficient to repay the Greek debt and the accumulated debt to banks for Greek citizens, and create a large reserve for economic growth, however, until more details are given we propose to all hellasfrappe readers to keep an open mind.
According to a story which broke out several days ago on zoogla.gr (check relevant links at bottom for reference) at the beginning of last century, in 1904, the National Bank of Greece founded the “Bank of the Orient”, commonly known as the «Banque d ‘Orient». The bank was subsequently developed in three main areas. Thessaloniki, Smyrni and Alexandria. In 1932 the “East Bank” bought and merged with the parent of National Bank of Greece.
Under current law, a clearance must be carried out. Three liquidators take the case after a decision of the General Assembly of the “Bank of the Orient.” The clearance never concludes. According to applicable laws and upon expiry of many years, the National Bank claims that the value of the shares of the “Bank of the Orient” has disappeared. And it is probably right if the the shares were in drachmas, and since the Greek state went bankrupt at the time.
Those shares however were in … gold.
The report is clear and the guarantor of any such stock was and still is… the Bank of France.
The refugees from Ionia, Cappadocia, the Caucasus, who eventually called for the liquidation of the shares, they were told by bank employees, especially after 1940, that their paper had no longer any value. The matter was forgotten. Some grandmothers and grandfathers from Asia Minor had kept some of those shares in the chests. Some others in the bank lockers until, forty of them appeared suddenly. The holder of those shares is the family of Artemi Sorra from Patras.
After this revelation, it was very natural for the Sorras family to contact the National Bank of Greece. In turn, the Bank officially informs the heirs in September 2010 and subsequently in February 2011 how the basis of Law 18/1944 shareholder value has vanished.
There was no mention whatsoever by the legal department of the National Bank for the fact that the value of the shares was in gold (the 18/1944 law is the first monetary law following Greece’s liberation from the Germans. During the period of occupation, «Deutsche Bank» had taken over the administration of the National Bank of Greece).But the Sorra family does not give up.They contact relevant banking, legal and economic experts, and took their time to evaluate the situation and assess the current value of their 40 shares.
The big surprise
Mr. Theodore Karyotis is a professor of economics at the University of Maryland in the U.S. and teaches Macroeconomics, International Economic Relations and microeconomics. He took on the task to determine the value of the shares, and his conclusion is stunning. Each share of gold of the “Bank of Orient” is now valued at 670 billion euro each, meaning one and a half the current debt of Greece, which is estimated to be 450 billion euro. The total value of 40 shares approaches 30 trillion euro…
Without smoke there is no fire
In April 2010 the beneficiaries contacted the Bank of Greece. The Governor Mrs Provopoulos is fully aware of this. After discussions, the Central Bank proposed a compromise (agreement) of EUR 1.5 billion payment for 10 shares of “Bank of the Orient.”
The beneficiaries were surprised when they heard the lawyers propose a “strange path” for their compensation of 1.5 billion euro through a British company. It now become crystal clear to them, that the two banks, the Central and National Banks, had wanted to avoid at all costs any public exposure and a direct involvement in a banking transaction that may have sparked a similar action from other possible holders of such shares.
The beneficiaries refused to adopt this “strange path”. They decided to follow their own path and founded a nonprofit company, the «END», based in Greece, with president the renowned New York cardiologist Emmanuel Lambrakis and vice president the Professor Theodore Karyotis.
The Sorra family went even further. They donated 4 shares to «END» and filed the declaration for the tax return for the donation to the Tax Office in Patras. The goal is clear. The Greek state is obliged to issue a duplicate collection of such a tax donation which is about 0.5% for NGOs, and collect taxes of around 13.5 billion. The Tax Office referred the matter to the Finance Ministry.
This money is sufficient to bring the public and private debt to null
The rationale of the members of the «END» and the Sorra family is clear. The value of the 4 shares is sufficient to repay the Greek debt and the accumulated debt to banks for Greek citizens, and create a large reserve for economic growth.
It is obvious that the banking system, but also the whole of Europe, is unable to repay in full the amount of the value of the shares. Therefore, there remains only one option: a compromise, or simply put, an agreement by all parties involved, for a Seisachtheia (debt cancellation).
Mr. Papandreou, Mr. Ant. Samaras, Mr Ev. Venizelos and Mr. G. Provopoulos are fully informed. However their reaction has not been recorded yet.
There also remains the reaction of IMF Head Christine Lagarde after she finds out and learns all about the ‘Bank of the Orient “and the reserve of gold, then in 1932.Yes, yes, the International Monetary Fund as well. To put a smirk on the lips of anyone who is embittered
Under current law, a clearance must be carried out. Three liquidators take the case after a decision of the General Assembly of the “Bank of the Orient.” The clearance never concludes. According to applicable laws and upon expiry of many years, the National Bank claims that the value of the shares of the “Bank of the Orient” has disappeared. And it is probably right if the the shares were in drachmas, and since the Greek state went bankrupt at the time.
Those shares however were in … gold.
The report is clear and the guarantor of any such stock was and still is… the Bank of France.
The refugees from Ionia, Cappadocia, the Caucasus, who eventually called for the liquidation of the shares, they were told by bank employees, especially after 1940, that their paper had no longer any value. The matter was forgotten. Some grandmothers and grandfathers from Asia Minor had kept some of those shares in the chests. Some others in the bank lockers until, forty of them appeared suddenly. The holder of those shares is the family of Artemi Sorra from Patras.
After this revelation, it was very natural for the Sorras family to contact the National Bank of Greece. In turn, the Bank officially informs the heirs in September 2010 and subsequently in February 2011 how the basis of Law 18/1944 shareholder value has vanished.
There was no mention whatsoever by the legal department of the National Bank for the fact that the value of the shares was in gold (the 18/1944 law is the first monetary law following Greece’s liberation from the Germans. During the period of occupation, «Deutsche Bank» had taken over the administration of the National Bank of Greece).But the Sorra family does not give up.They contact relevant banking, legal and economic experts, and took their time to evaluate the situation and assess the current value of their 40 shares.
The big surprise
Mr. Theodore Karyotis is a professor of economics at the University of Maryland in the U.S. and teaches Macroeconomics, International Economic Relations and microeconomics. He took on the task to determine the value of the shares, and his conclusion is stunning. Each share of gold of the “Bank of Orient” is now valued at 670 billion euro each, meaning one and a half the current debt of Greece, which is estimated to be 450 billion euro. The total value of 40 shares approaches 30 trillion euro…
Without smoke there is no fire
In April 2010 the beneficiaries contacted the Bank of Greece. The Governor Mrs Provopoulos is fully aware of this. After discussions, the Central Bank proposed a compromise (agreement) of EUR 1.5 billion payment for 10 shares of “Bank of the Orient.”
The beneficiaries were surprised when they heard the lawyers propose a “strange path” for their compensation of 1.5 billion euro through a British company. It now become crystal clear to them, that the two banks, the Central and National Banks, had wanted to avoid at all costs any public exposure and a direct involvement in a banking transaction that may have sparked a similar action from other possible holders of such shares.
The beneficiaries refused to adopt this “strange path”. They decided to follow their own path and founded a nonprofit company, the «END», based in Greece, with president the renowned New York cardiologist Emmanuel Lambrakis and vice president the Professor Theodore Karyotis.
The Sorra family went even further. They donated 4 shares to «END» and filed the declaration for the tax return for the donation to the Tax Office in Patras. The goal is clear. The Greek state is obliged to issue a duplicate collection of such a tax donation which is about 0.5% for NGOs, and collect taxes of around 13.5 billion. The Tax Office referred the matter to the Finance Ministry.
This money is sufficient to bring the public and private debt to null
The rationale of the members of the «END» and the Sorra family is clear. The value of the 4 shares is sufficient to repay the Greek debt and the accumulated debt to banks for Greek citizens, and create a large reserve for economic growth.
It is obvious that the banking system, but also the whole of Europe, is unable to repay in full the amount of the value of the shares. Therefore, there remains only one option: a compromise, or simply put, an agreement by all parties involved, for a Seisachtheia (debt cancellation).
Mr. Papandreou, Mr. Ant. Samaras, Mr Ev. Venizelos and Mr. G. Provopoulos are fully informed. However their reaction has not been recorded yet.
There also remains the reaction of IMF Head Christine Lagarde after she finds out and learns all about the ‘Bank of the Orient “and the reserve of gold, then in 1932.Yes, yes, the International Monetary Fund as well. To put a smirk on the lips of anyone who is embittered
Original articles in greek -
Source: hellenesonline