I was reading an article about Credit Agricole (a French bank) and how they are selling off their Greek branch, Emporiki. There are 3 bids, all at €1. Does this just mean they are merging? Or is it just trying to prevent further losses? If the latter is the case, isn't the bank still worth something, even if in the near future it is projected to lose money? Here is one of the articles I read about it, I think it's the shortest one.

http://in.reuters.com/article/2012/09/24/credit-ag...