In the last five years, the Greek stock market has outperformed the Nasdaq 100 with a total return of 146% compared to 116% for the US technology index. This recovery contrasts with the 2015 crisis, when banks closed, capital controls were imposed, and the Athex Composite index fell more than 90% from its 2007 peak.
Bank cleanup as a technological engine 🏦
The rally was driven by the cleanup of the banking sector. Greece's four largest banks, with a non-performing loan rate close to 47%, reduced their bad debts through the Hercules program, which securitized around 57 billion euros in debt. This process required technological infrastructure to manage data, value assets, and automate collections, digitizing a system that previously operated with last-century methods.
Feta's revenge against AI 🧀
While Silicon Valley was selling smoke with artificial intelligence that can't even add up, Greece was resurrecting with debts packaged like souvlaki. It turns out that to make money you don't need quantum chips, but bankers cleaning up their own mess. The next step will be for Athens to teach Wall Street how to securitize delinquents to the rhythm of sirtaki.