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Athens Macedonian News Agency: News in English, 14-11-06

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From: The Athens News Agency at <>


  • [01] Measures for bad loans settlements flawed, SYRIZA says

  • [01] Measures for bad loans settlements flawed, SYRIZA says

    ANA-MPA -- The main opposition Radical Left Coalition (SYRIZA) economic policy sector, in an announcement on Thursday, referred to many "dark spots" in the legislative intervention for business loans and over-indebted businesses prepared by former Development Minister Nikos Dendias just before being moved to the ministry of national defence. The announcement noted that it is clear "the solutions are totally bank-centered and do not solve the problems; instead they serve corruption, the bankers and clientelist relations".

    According to SYRIZA, the "band loan" settlements introduced by Dendias, heralded as the solution to the problems of SMEs and professionals, are nothing but sketchy planning that stands no chance of success and the reason the relevant rider was tabled late was to avoid a thorough discussion in parliament.

    SYRIZA underlined that the proposals are across-the-board measures that offer no relief to those who are really vulnerable and the have-nots, while relinquishing to the banks full jurisdiction to design the country's production map, not just to manage the debt. SYRIZA also noted that the economic burden that will result from the loans that will be written off will be passed on to Greek taxpayers.

    According to the main opposition, the draft law apparently gives banks the authority to decide on the speedy liquidation of companies in dire financial straits without setting objective sustainability criteria, such as the sector's participation in the GDP for the recovery of the economy, job positions and the problem of unemployment or the needs of the country's productive and social reconstruction.

    It is impossible for a debtor, who owes to the state, the social insurance funds, the banks, etc. to pay separate installments to each creditor without taking under consideration the available income or the necessary amount of money a household needs to survive, SYRIZA pointed out.

    The party's economic policy sector repeated SYRIZA's proposal "for a comprehensive management by an intermediary debt management authority," noting that this is a proposal of hope for the Greek people.

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