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Greek state takes over €112.3ml loans to Athens Concert Hall

The Greek state is to take over the ‘Megaron’ Athens Concert Hall Organisation’s unpaid debts to the European Investment Bank (EIB) for a 150-million-euro loan taken out in 2003. The loan was guaranteed by the Greek state.

Based on a decision signed by Alternate Finance Minister George Chouliarakis and posted in the government’s website “Diavgeia” (“transparecny) on Friday, any unpaid capital will be added to central government debt as of January 1, 2017.

The amount of unpaid capital on the loan, not including interest, amounted to 112,292,421.23 euros on January 1 and this debt is now taken over by the state. The amount of the first disbursement of the loan comes due on December 25, 2028, while the amount for the second disbursement comes due on June 15, 2030. The interest on both disbursements is at a fixed rate of 4.77 pct annually and 3.59 pct annually, respectively.

The monitoring, budgeting and servicing of the unpaid debts will be taken over by the Greek Public Debt Management Agency (PDMA) from January 1.

The decision incurs an additional expense for the state budget in the financial years 2017 to 2030 that will be covered by borrowing to service public debt.(ana)

The Athens Concert Hall – Mégaron Mousikis Athinon – is a concert hall located in Athens, on Vasilissis Sofias Avenue. near the US embassy.

The Hall was inaugurated in 1991 with two halls. Since then it has been augmented with two more halls and now has a total of four: two large and two smaller ones. The Hall has optimal facilities for opera performances, and some operas are presented every season.

8,000 square meters floor, a hall holding the biggest pipe organ in Greece. A pipe organ with 6,080 pipes although there is no such music culture in Greece.

More about the Megaron and its debts here.

PS that’s loans with music…

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  1. No, KTG: that’s loans involving Lambrakis and his Pasok cronies. The crook used to hand out thousands of free tickets to his business friends — most of whom had no interest in music but might turn up for the social prestige of occupying a free luxury box at the opera. The management of the MM was a piece of Greek corruption from the outset, and now the taxpayer is being forced to pay for all the money handed out to the rich in the past.
    I say this as a former musician, who wants to support musicians and classical music performances. But this was not the right way to do it: it ended up supporting Pasok and ND (like everything the Greek state did in the past).

  2. Sure why not let’s make Greece’s debt pile even bigger 🙂 what’s a few hundred million to over 200 billion anyway!

  3. And Greece wonders why the rest of the EU population is not prepared to give depts credits? *facepalm*