Author Topic: Conflct of interest? Ruling parties can't pay back their loans...  (Read 1017 times)

Offline alexinathens

  • X-treme Master
  • *******
  • Join Date: Mar 2013
  • Posts: 2475
  • Country: gr
  • Karma: +88/-2
  • lives in Lalalandia...
    • View Profile
    • Paradise and hell coexist on planet Earth

In a response to a question by a Greek MEP the EU Commissioner for Competition Joaquin Almunia has effectively confirmed that PASOK and New Democracy are unable to service the 250 million euros they owe to banks.
In his written question to the Commission, Theodoros Skylakakis an MEP with the Alliance of Liberals and Democrats in Europe and leader of the small centrist party Drasi, referred to a recent admission by the Greek Minister of Labour that, together, New Democracy and PASOK have had overdue debts of 360,000 euros to the national social security organisation (IKA) since July 2013.

Even more troubling is that the two governing parties also appear to a owe a whopping 250 million to Greek banks which, following their recapitalisation are now 90% state-controlled. As was covered by an in-depth report by Reuters in September of 2012, this fact creates a clear conflict of interest with the same political parties now responsible for reforming the financial system also owing hundreds of millions to the Greek banks.

It already appears that the issue of political party debts has affected policy. In April of 2013 the government rushed through a measure that retroactively protected the management of the banks from prosecution over the 270 million euros worth of inadequately secured loans issued to political parties and NGOs. Of those 270 million 250 million had gone to PASOK and New Democracy.

In Greece political parties receive state funding according to their share of the vote. New Democracy and PASOK, who were traditionally the two major powers in Greek politics each receiving over 30% of the votes, would pledge future state funding as collateral to receive bank loans. However the electoral share of both parties and particularly PASOK shrank dramatically in the last elections (for PASOK it plummeted from 43% to 12%) meaning that the parties will be now receiving significantly less state funding than is necessary to service their debts, leaving the banks exposed.

 ;D This where PASOK got creative. It has transformed itself to the "Elia" (the olive/olive tree) for the euroelections (and beyond...) managing to stay alive for a few months...

Here are the results of last Sunday's elections...

The leftist Syriza got 26.6% of the vote, followed by ruling center-right New Democracy with 22.1%, granting 6 and 5 seats respectively, in the new EU Parliament.

Neo-Nazi Golden Dawn ensured the third position getting 9.4% of the vote (3 seats) while center-left Elia, a coalition of socialist movements led by the ruling Pan-Hellenic Socialist Movement (Pasok), is estimated to reach 8.1% (1-2 seats).

In the 2009 EU elections, Pasok won 36.7% of the vote

So, I suppose a tenth of the population is neonazi (or misguided as most politicians claim...) :-\ This is an insulting accusation to say the least...

« Last Edit: May 28, 2014, 03:50:56 AM by alexinathens »


  • Guest
Re: Conflct of interest? Ruling parties can't pay back their loans...
« Reply #1 on: May 28, 2014, 09:50:28 AM »
Burn the banks down. Hang the bankers. Problem solved.