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Greek gov’t to table proposal for inquiry into Loan Agreements (MoUs)

Left-wing SYRIZA tabling Tuesday evening a proposal for the establishment of a Parliament committee assigned to investigate the laon agreements (Memorandum of Undestanding) between previoous Greek governments and the country’s lenders IMF, EU and ECB.

The inquiry will investigate the time periods

October 2009 -May 2010 (Papandreou gov’t, 1. loan agreement)

May 2010 – November 2011 (Papandreou gov’t, 2. loan agreement)

November 2011 – May 2012 (Papadimos/Nea Dimokratia/PASOK gov’t. Greek bonds swap PSI)

May 2012 – onwards (Nea Dimokratia/PASOK/DemocraticLeft until 2013, ND/PASOK until Jan 2015)


The proposal will be in rem, that is it will not make nominal reference to those bearing political responsibility during the specific periods of time.

However it will be easy to identify that it was not the doorman at the Finance Mnistry reasposible for signing the loan agreements…

The aim of the proposal will reportedly be to seek political responsibilities for the loan agreements and their implementations.

” We are implementing our commitment and common social demand, with no intention of revanchism and criminalization of the political life in order to explore the causes and responsibilities of an unprecedented crisis that devastated the vast majority of society,” said Christos Mantas, Secretary of SYRIZA Parliamentary Group.

Nea Dimokratia commented:

“They can do as many inquiries as they wish, not one will touch Nea Dimokratia”.

ND accused the government of offering “spectacle” instead of “bread” and urged the coalition to investigate “also the period after the January elections claiming that the new Greek government has signed for the loan agreement extension and has “created preconditions for a third loan agreement.”

PASOK welcome the proposal saying “We are looking forward to it.” The party repeated ND claim of an upcoming “third MoU” and said that

“the inquiry has to be extended into the causes of the crisis and the years 2004-2009” (note: ND ruled under PM Kostas Karamanlis).


Inquiry could extend back to 2001

Of course, one could extend the inquiry back to 2001 (Simitis government) when Greece entered the euro zone. But investigating the causes of the crisis 2001-2009 would and could lead to minimize the responsibilities for those who brought the country into the Troika’s arms.

To tell you the truth I do not quite understand what is the purpose of this inquiry and whether at the end of the investigation those responsible would have to answer the judges at special courts.

Otherwise, it will be waste of money and resources just for the sake of “satisfying the public sentiment” and name and shame those responsible.

At the very end, we all know who were the Prime Ministers and Finance Ministers of the loan agreements.

Unless I miss some point here…  Maybe more specific details will come up when the proposal will be submitted to the Parliament.

PS “public courts?” No, thanks. They add nothing and cannot reverse the economic collapse of millions of households.


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  1. It is not about the money
    There is no shortage of money
    They print & distribute it daily – what’s more it has no asset value.
    In fact only 3% of the BAIL-OUT money to Greece actually stayed in Greece – the rest – 97% of the BAIL-OUT money went to BAIL-OUT BIG INTERNATIONAL BANKS
    But Greece is now liable to repay ALL the BAIL-OUT money /the 100% of the BAIL-OUT money PLUS INTEREST
    Varoufakis man, what is going on ?

  2. the Problem in the past was the socialist goverment from Papandreou the old in that time he startet to give away Special gifts.
    like early pensions to nursus and rubisch Transporters.
    in this case 15 years work, go on Pension.
    also for goverment workers the 13th, 14th till up to 16 monts salerys!
    there are mutch more exampels for this spending Money.
    to pay this he found always an idiot to borow.
    the Problem startet there.
    noboby stoppt him, every Body was eating well.
    his Organisation did well.
    his clan, Frieds and famely where all involved.
    even MIMI his last wife did well.
    the goverments after him went the same way.
    giving gifts to there voters.
    the financial Problem is your own made Problem.
    so get out off it and go bankrupt and get the Draghme.
    in the new goverment you had already after 5 weeks a Problem with coruption, what is the Name of this lawyer sitting in the parlement?
    wehn he would be payed in Draghme he would work harder(ha,ha,ha).
    the new goverment would arange 10.000 ex workers
    stop this and stop that.
    supply this and supply that.
    again the same Setup as the goverments before.
    tsipras has known(sept 2014) that this promesis where not payeble, but he made them.
    so he preplant already the gretex.
    you must only find a reasen why.
    he is lucky he found allready one “the Germanisde Europe”
    there is no other explenation for this now.
    in 2 or 3 years I will sit with my Greek friends, we will have a tsiporou and a Greek coffy, and talk about the time after the Gretex.
    it was bad but now ist mutch bether.(2017 or 2018)

    • If only somebody has spend some money on teaching you to spell… At least this rubbish would be legible

      • keeptalkinggreece

        have mercy with people with English not their mother language

        • There are many people who comment here and elsewhere whose mother tongue is not English, including you and me. But most of them do make at least a little effort…

  3. Ktg. the European Parliament recently okayed Audits on public debt. Greece will be the first or one of the first countries undertaking an Audit. The point is to discover how the debt was created, and the end point is to see what is Odious Debt.

  4. What matters is the period 2010-12 because Greece had a primary deficit during that period. During that period, 247 BEUR entered as ‘rescue loans’ of which 206 BEUR returned to banks. I. e. 41 BEUR or 17% stayed in Greece (actually a bit more because some of the money which ‘returned to banks’ returned to Greek banks). Source: IMF.