We were surprised to learn that, according to the Commission, the so-called ‘reserve fund hole’ is not presenting any problems.
Heavy political pressure had been placed on reserve funds and the government has been basing its election campaign on assertions regarding the impending ‘bankruptcy’ of the funds, which it is blaming on previous governments. However, it appears that the SYRIZA government has taken it a step further with the result that reserve funds are being used up completely, as senior government ministers are implicated in the mysterious increase in share capital of the bankrupt Bank of Attica.
Share prices were particularly high, and both the funds and many public utilities were induced to place their minimal reserves with a struggling bank which it was necessary to keep afloat in order to fund business associates and relatives of SYRIZA ministers, out of sight of the ECB. We recall the statement made in October 2015 by Yannis Dragasakis, Deputy Prime Minister and former Bank of Attica consultant, on the need to maintain a parallel banking system.
Is the Commission aware that ministers of the SYRIZA government are responsible for the funds’ losses?
What tools does the Commission have at its disposal to prevent the SYRIZA government from exerting pressure in order that the reserves of funds be made available to allow its friends to line their pockets?