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31 March, 2014

Greece: Debts for Public, profits for banksters through law!

by system failure

The latest omnibus bill passed by the Greek parliament earlier, contains some changes for the Hellenic Financial Stability Fund (HFSF) - currently the largest shareholder of the four "systemic" banks in Greece - through which the Greek Public will be loaded with more debt, as permits the selling of HFSF stocks to private banks in prices that leave the Greek Public with huge losses.

Specifically, according to the article two of the current bill concerning changes on the law for the HFSF establishment, the HFSF stock price for selling to private sector is permitted to be lower than previous stock covers by the Fund, or than the current price in the stock market.

Also, some stock prices for selling or covering, can be lower than the original price of these stocks when they were bought by the Fund, or than the current price in the stock market.

It is also stated that, the members of the Fund's collective institutions have no power or responsibility against actions or omissions by the institutions who are responsible for the special liquidation of financial institutions.

This means that private interests are protected twice against "annoying" state supervision, as the Greek Public - although is the basic guarantor to bailout banks- has minimum or zero power to control HFSF, anyway.

The latter can be proven by another change in current bill according to which in case that the president of the Fund is absent, the meetings are convened by one of the other board members, except from the Ministry of Finance representative and the person authorized by the Bank of Greece.

Besides, more importantly, according to article 1 of the 3864/2010 law concerning the HFSF establishment, the fund does not belong to the public sector. It has administrative and financial autonomy and operates exclusively under the rules of the private economy. The purely private nature of the Fund is neither affected by its entire capital being subscribed by the Greek government, nor by the issuance of the relevant decisions by the Minister of Finance.

Meanwhile, what is left from democracy in Greece has been further downgraded, as the presidency of the Greek parliament rejected the motion of no-confidence in Finance Minister Yannis Stournaras by SYRIZA, forcing the major Opposition party to proceed in a new motion of no confidence against the presidency of the parliament! SYRIZA leader, Alexis Tsipras, has spoken about a "parliamentary Coup d'état".

Also, the Scientific Department of the Greek parliament has already set an issue for the fact that selling banks' stocks with a price lower than they were bought by the Greek public, as well as other matters of the current bill, as being unconstitutional.

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