23062018Headline:

Mitsotakis to seek those responsible for money lost recapitalising banks

Main opposition New Democracy (ND) leader Kyriakos Mitsotakis attacked the government and pledged to seek out those responsible for the money lost in efforts to recapitalise Greek banks, while addressing the Greek Banking Association on Tuesday.

After harshly attacking the SYRIZA-ANEL government for its overall economic policy, Mitsotakis noted that it had damaged Greek banks through its irresponsibility and populism. “The Greek taxpayers borrowed and supported the banks initially to the tune of 25 billion euros, so they would not collapse. The reasonable value of the four systemic banks at that time was around 23 billion euros, and it seemed that taxpayers would not lose the money they had put toward their recapitalisation. When the populists rose to power this brought about a new recapitalisation that was completely unnecessary. As a result, in December 2015, the taxpayers supported the banks with another 5.4 billion euros, and today the Greek State’s participation through the Hellenic Republic Asset Development Fund has evaporated, as they are valued at just 1.7 billion euros. In total, the Greeks have put about 30 billion euros into the banks and now just 1.7 billion euros are left. This is a crime that is not statute-barred and those responsible will be sought out. It is not a matter of revanchism, it is a matter of democracy,” Mitsotakis said.

“Those who ruled the country after 2015 voted time and time again for austerity measures that no one had dared to ask of a Greek government. These are measures that stifle growth, with overtaxation in order to achieve an excessive primary surplus,” he added.