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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