Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Marinopoulos – The Cascade Of A Possible Bankruptcy

Posted by hkarner - 18. Juli 2016

Sunday, July 17, 2016, Observing GreeceKastner
 The Economist Intelligence Unit provides a report about „Marinopoulos – the decline and fall of a retail giant“. It provides for scary reading because it shows the follow-up damage which comes as the result when a large company goes bankrupt (n. b.: Marinopoulos is not bankrupt yet but it doesn’t look good).
The casual newspaper reader might say ok, there is a large company going out of business; too bad for the employees but that’s that. What that casual newspaper reader does not understand (yet) is that there are enormous consequences of such a bankruptcy which might even affect himself.

For starters, Marinopoulos has over 1,3 BEUR in liabilities, i. e. money which they owe to someone else. One might say ok, so the banks will have to take a loss but that’s their problem because they made bad loans. When 4 banks have to take losses of over 500 MEUR, that may quickly turn out to be not only the banks‘ problem but someone else’s, too.

Marinopoulos owes over 700 MEUR to trade creditors. Now the bullets are starting to hit closer to home because the reverse conclusion is that trade creditors may lose over 700 MEUR. Huge amounts of money are owed to individual large suppliers which raises the question how those suppliers will handle those losses and whether, perhaps, there will be another chain reaction among the suppliers and their creditors. But then there are also an assumed 3.000 small suppliers, perhaps even your small neighborhood farmer, who might be entirely wiped out by their losses.

Taken in sum, a Mariopoulos bankruptcy would cause shock waves throughout the Greek economy whose final impact can only be guessed at this point. And then the next question is: Will there perhaps be another Marinopoulos soon?

 

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