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Greek bank sues Reuters for defamation

Piraeus Bank claims a story detailing its shady property deals is untrue

One would think the Greek economy has enough on its shoulders without one of the country’s major banks expending resources on a lawsuit against an American news organization. Apparently not, though, because Piraeus Bank has filed a €50 million ($66 million) defamation lawsuit against Reuters and one of its reporters.

The disputed story is “A Greek banker’s secret property deals,” which detailed how Piraeus rented several properties that were owned by the bank’s executive chairman’s private investment companies. The properties were also financed by loans from Piraeus. Stephen Grey, the reporter, got his information from expert interviews and documents including company statements and Greek corporate records.

However, Piraeus says in its suit that "The bank never bought or leased any property, particularly illegal ones, from its chairman or his family."

Reuters is standing by its story, and you can read more on their website.

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