Bank of Greece and bankers warn the IMF:

Stop the dirty games!

  • BoG: The banks capital needs are €5.5 billion
  • A storm is created over leaks claiming a €20 billion ‘hole’

The Bank of Greece has responded forcefully to the underground war being waged on the Greek financial system. It is talking of a dirty game. Without naming it, it is pointing the finger at the IMF as the source of leaked information talking of a ‘black hole’ of €20 billion which would impose new requirements on the bank recapitalisations.


Hopes that the primary surplus will be redistributed are waning

Troika is rigid in its insistence that the sustainability of the surplus is first established

A number of fronts are open following the first meeting

Hopes cultivated by the government that the primary surplus would be redistributed among the poorest citizens are waning following the troika’s rigid stance yesterday demanding that, prior to any decision, the sustainability of the primary surplus for the coming years is proven beyond doubt. In yesterday’s first meeting between the lenders’ representatives and the economic committee, the six open issues were outlined which the troika will discuss with the government and the BoG. Among other things the effect of the 2013 – 2014 budget surplus will be discussed, as will the height of the budget gap of 2015 – 2016 and the passage of the medium term plan. Important negotiation topics include the capital requirements of Greek banks, the ‘corrections’ to tax reforms and mass dismissals. 


The government places its bets on corruption:

“Take everything,” they say to broadcasters

Rules prohibiting the broadcast of gambling games on TV and radio are to be lifted. Stations are exempted from the requirement to pay as tax 30% of gross profits from gambling. The opinion of the Greek National Council for Radio and Television (NCRTV) – the independent authority that is chosen by and answers to parliament – is ignored. Giannis Papakostas (a member of NCRTV) tells ‘Avgi’: citizens are defenceless.

The government is giving a new gift to station owners following the digital licenses and the postponement of the special television tax: the government is deregulating TV and radio gambling turning every television into a slot machine for the whole family!

But the presents don’t stop there because the government also saw fit to exempt radio and TV broadcasters from gambling license levies (30% of gross profits) while also sidelining the NCRTV which had imposed fines on channels for broadcasting gambling games. 


They lost €27 million through incompetence!

Another hit! They failed to cash agricultural support payments!

There are empty words from the government and the political leadership of the Agriculture Ministry about the sector at a time when farmers are demanding solutions in the here and now for their problems. According to documents from the EU which Eleftherotypia is bringing to light, our country didn’t manage to absorb €27,351,958.79 in funds and lost them entirely after the 31st of December 2013 deadline passed. Whereas the detailed ‘Alexandros Baltatzis’ agricultural development plans had been submitted and the EU funds had been approved, the financial package remained unexploited due to legal problems with planned works and was lost. Greece lost the most funds from the European Agricultural Fund for 2011 compared to other countries and regions.


Electric ‘shocks’ are killing industry

(Pictured) Thanasis Lappas, Operations Director of the Halyvourgiki steel plant gazes over the deserted floor of the flagship company which has fallen victim to high energy costs which have rendered it uncompetitive.