If nothing else, there was an enormous uproar from the announcement of the settlement for the merger of the Financial institution of Attica with the Financial institution of Pankritia. A deal that brings, offered it goes via, a fifth pillar of banking that guarantees to provide an air of competitors, with the 4 systemic banks which have locked the actual economic system into suffocating concerted practices as a way to revenue grudgingly.
Nonetheless, this settlement and the political opposition opened by the president of SYRIZA Stefanos Kasselakis they as soon as once more convey to the fore the prison selections of PASOK – ND to save lots of the banks. The truth is, within the first months of 2024, we additionally had the stamp of the “crime”, because the systemic banks have been privatized by the Monetary Stability Fund (TFS) with losses for the Greek public reaching 40 billion euros.
Society paid
Let us take a look at what has already occurred since 2008 to see the… river of cash to bail out the banks that was finally paid for with heavy tax and even blood (if we take a look at the a whole lot of suicides) from society.
It was October 2008 when the Karamanli authorities introduced the “Horsecap package deal” to the banks. Within the two years 2008-09, 28 billion euros got to the faltering Greek banks. In additional element, 5 billion euros in cash and 23 billion euros in ensures have been “transferred” from the state corvan to cowl liquidity.
Then got here in 2012 the co-government of Samaras – Venizelos to provide society the gratuitous shot. Within the second memorandum, a mortgage of roughly 50 billion was foreseen as a way to cowl the funding gaps of the banks that have been reorganized. Then the time period “systemic banks” was invented, referring to the 4 rescued Alpha, Ethniki, Eurobank, Piraeus.
This was adopted in December 2015 by the “injection” of the Tsipras authorities with 5.4 billion euros. In all of this there’s additionally the “assist” of the deferred tax which is estimated at a complete of 18 billion euros. It was Regulation 4172/2013 (Hardouvelis Regulation) that instituted that if a financial institution reveals losses, they’re offset in opposition to tax liabilities. THE Kyriakos Mitsotakis, as president of the bankrupt ND that owes greater than 500 million euros to the banks, gave new hope. In 2021, he amended the Hardouvelis regulation and stipulated that losses arising from securitizations or mortgage gross sales could be offset in opposition to future income over a 20-year interval.
They bought out massive time
A complete of 101.4 billion euros have been allotted to save lots of the banking system. To those could also be added one other 8-10 billion from the ensures amounting to 18 billion euros given by the Mitsotakis authorities within the framework of the “Heracles” packages 1, 2, 3 (the massive fraud with the property of the debtors the place the banks allotted as a substitute of a “pink” loans of greater than 70 billion euros to darkish funds). That is the trade which worldwide socializes the losses and privatizes the income by handing out bonuses to the massive executives.
That is how we acquired to 2024, when the Mitsotakis authorities and the administration of the HFSF determined to promote the popular shares that they had acquired to save lots of the banks on the expense of society.
The damages are incalculable
Based on the Middle for Planning and Financial Analysis (KEPE), which has been an advisor to the federal government since 1959 on financial coverage issues, the injury to the Greek state from all these… rescue video games quantities to roughly 43 billion euros. This isn’t in regards to the precise quantities, however an evaluation of 2023 primarily based on the capitalization of Alpha, Ethnikis, Eurobank and Piraeus.
Then again, the competent minister, Kostis Hatzidakis, celebrates the truth that the Greek state collected the monstrous quantity of three.5 billion euros from the privatization. For the Mitsotakis authorities, giving 101.4 billion euros having ruined the way forward for many generations whereas amassing 3.5 billion is a most success, worthy of celebration.
Learn additionally:
Hearth now in Kilkis
Ilia: Useless in a fireplace in a single-family home in Xylokera
LARCO: Mass layoffs have begun – What do the staff complain about?
#billion #fesi #save #banks #Mitsotakis #authorities #sealed #crime #mortgaged #future #Greece
