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Alpha-Bank Criticizes Greece’s Bailout-critical political parties

 Greek Alpha Bank sharply criticizes political parties and their strategies towards the Memorandum of Understanding. Discussions about government to discharge the MoU threaten the economic stability, says Alpha Bank in the weekly bulletin issued its Economic Research Department.

“The Greek economy is suffering from the destabilizing tendencies of an election showdown with a focus on compliance or not the contractual obligations arising from the implementation of the Memorandum. Already, delays in meeting budgetary targets and structural reforms as well, because of successive electoral contests have waned, the tax collection mechanism, and significant initiatives in privatization decisions have been referred to the next government.

This effect would be intensified if, after the elections of June 17,  the government will want to question the implementation of the Memorandum. This prospect has brought on the agenda not only Greece’s exit from the Euro but generally from the European Union.

Never previously responsible political forces were so indifferent to the impact of their political stragtegies and goals on the economy.

 The political debate is conducted in a manner detrimental to their economic stability.”

The only way they can avoid actions that lead the country in very dangerous adventures is to abandon any idea of ​​time for removal of the Memorandum and loan contracts.”

Alpha Bank continues its long report saying that with the termination of MoU no fund from the country’s lenders would arrive, the state would not be able to meet its obligations in therms of paying wages and pensions, in the health and education sector.”

And many other nice things, you can read here (and/or translate with google)

 PS To tell you the truth I would support the MoU if I were the Alpha Bank too. Then for 1.9 billion euro recapitalisation injection I would be an enthusiastic MoU supporter as well.

But as the MoU currently sucks my blood and this of my family, relatives and friends, we tend to rather have a critical stance. 

Of course, all Greek banks would face huge problems if concerned and panicked customers precautionary empty their bank deposits, just in case Greece leaves the Euro and returns to Drachma.

 Oops! Before I forget it! I think it were our European partners that brought the euro-exit on the agenda, in an effort to fear mongering Greek voters…


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One comment

  1. Who owns Alpha bank, meaning who stands to loose if they need to pay for their own gambling debts instead of Greek and European tax payers coughing up for them?