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Economic prosecutor asks charges against 115 for loans of ND and PASOK

The economic prosecutors in Athens have pressed felony charges against 115 people, party officials and bank executives, for the loans conservative New Democracy and socialist PASOK received during 2005-2011. The non-performing loans amount over 400 million euros for both parties and were handed out without sufficient collateral, the prosecutors have found. They asked the prosecutor of first instance justice to press felony charges.

Economic prosecutor Giorgos Kaloudis forwarded the file to the prosecution office of the First Instance Court and asked to press charges against 115 bank executives and party officials who at the concerned time period were either in charge of the party finances or signed the loan contracts.

For 100 bank employees of six banks, the charges to be pressed are for breach of trust, while for 9 officials of the two parties, the charges are for instigating breach of trust.

According to the public Prosecutor’s office, the total amount of the loans in question for each party exceeds 200 million euros incl interests, loans that the Prosecutor’s Office considers to be due and payable.

At the same time, the Financial Prosecutor’s Office asks by order that the part of investigation for the loans of ruling party SYRIZA and communist KKE. The Office notes that the loans of these two parties have been either paid back in full or they are properly served.

Kaloudis’s investigation was filed after an amendment by PASOK and ND in 2013 and was relaunched in 2017 following an order from the Supreme Court Prosecutor’s Office.

The prosecutor had concluded that the loans in question were approved and granted without any collateral to the banks, since the only guarantee they received was future government funding of the parties based on their electoral percentages.

According to Kaloudis, there was virtually no sufficient collateral for these two large parties, since future funding based on the unpredictable factor of electoral power of the borrower cannot be considered as collateral.

As expected, the news triggered a war of statements with ND and PASOK on one side and SYRIZA on the other one.

ND said in a statement that “SYRIZA stages its last picture show after the NOVARTIs scandal proved to be a plot and all other alleged scandals collapsed.”

PASOK accused SYRIZA of “Goebbels’ tactics.”

SYRIZa called on ND leader Kyriakos Mitsotakis “at least to apologize and explain how and when he will return the money of the Greek people.”

Recent public opinion polls shows ND 6%-10% ahead of SYRIZA.


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