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Greek FinMin: “Banks paid the price of the economic crisis”

Finance Minister Christos Staikouras claimed that the Greek banks paid the price of the economic crisis because they lost deposits when citizens withdrew money. Does the Minister talk about the same banks Greeks had to recapitalize and still pay the price for it?

In an interview with ANT1 TV, Staikouras said “the banks paid the price of the economic crisis, they have lost a lot of deposits, because people have been scared of what was happening in the country for a decade, focusing mainly on the first half of 2015, so there was a large deposit spill: 34 billion euros left.”

To be fair he said also that the banks were also responsible for the easiness with which they were giving loans.

“At the same time, banks themselves made a lot of mistakes, mainly in credit expansion, consumer loans and credit cards, they had very high interest rates, resulting in having a very big problem. And without evaluating the files. ”

Asked about the government economic policies, Staikouras had no problem to declare where are the priorities. With overwhelming cynicism.

When he was asked to comment on the findings of a recent survey, according to which 12.9% of Greek households live below the poverty line, 55.4% cannot survive for more than three months without income and that 10% of Greeks holds 42% of the country’s wealth, the Finance Minister said:

“Yes, a part [of the population] holds the wealth, but this part pays a lot of taxes.”

PS And here is the moment when my two cats and all the feral in the neighborhood burst into loud laughter. Two of the strays even had an argument because one wanted to donate her carton-box-home to the banks and the other insisted to give it to the 10% because of the so many taxes they pay.

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  1. Unbelievable garbage! Where do these economic ignoramuses come from? (I presume that he actually believes the malakies he is spouting).

    The fact is that the global banking crisis has not been resolved, and a bigger financial crash is expected within a few years. The reason is not has been solved is that politicians (always right wing) have been protecting the banks, and making citizens everywhere pay to keep private banks profitable. Did anyone check the massive salaries they are still paying to bankers?

    This sort of propaganda has to be properly denounced by the mainstream media, which seems both reluctant and incapable of doing so. Thanks KTG!

  2. Well said, finally someone gets it. The housing market is currently a Giant Ponzi scheme perpetuated by the banks buying back 85% of repossessed properties. Please keep in mind that the economy can only return healthy when the working people are bringing home home more Euro. That is the only barometer to measure and by far the most important. How is it possible that the middle class is defined within Govt empioyees???
    Does anyone realize whom pays for Govt employees? It is the lower paid private sector paying for the higher paid Govt workers. Fix this now!!!!