Tag Archives: Marfin Bank

Like a virgin

This is a great example if you want to see how a responsible Greek politician behaves in times of crisis. In May 2010, when Greece was about sign the IMF/EU/ECB Memorandum, Michalis Chrysochoidis was not just another Socialist MP but the Minister for Citizen Protection (one of the high profile government posts). Yesterday he was invited to talk to a news program at SKAI TV. The discussion was around a recent criticism on the terms of the Memorandum, highlighted by former Prime Minister Kostas Simitis’ speech at a conference in Berlin. This is the video excerpt from SKAI TV and below a quick translation.

Journalist: Let me ask you directly. How many hours did it take you to read the Memorandum? Because Mrs [Louka] Katseli (the then Minister for the Economy, Competitiveness and Shipping) said yesterday that she was given the Memorandum on Saturday night and spent two hours on reading it and this is how she went to vote on it. Have you read what the creditors have written down and did you have a different opinion than theirs? Were you aware of what you were about to sign?
Chrysochoidis: Are you serious?
Journalist: Absolutely.
Chrysochoidis: These things were discussed in the Parliament… No, I haven’t read the Memorandum at that time because, simply, I had other obligations. I had other duties…
Journalists: Excuse Mr. Minister, this is very serious. How did you sign it? Did you sign a text that commits the country for an eternity and that is responsible for the mess in which we are now and you are telling us that you didn’t read it? How can you say this so easily?
Chrysochoidis: Look, in politics things are not like that. 
Journalist: How are they?
Chrysochoidis: Some of my colleagues had negotiated, some of the responsible members which represented the government had negotiated and brought that legislation into the Parliament and, as you remember, it was voted by the majority of the Parliament, by PASOK and LAOS if I remember well.
Journalist: Is there a direct responsibility on the economic staff of the then government [i.e. the Minister of Finance George Papaconstantinou]?
Chrysochoidis: As I told you before, it was done so under a state of panic in view of a possible suspension of payments which was a threat over our head. My job at that time was to re-organize the Police, the Fire Brigade, to create the DIAS team [a Police group which patrols in motorbikes], to fight crime. It was not my job to study the Memorandum.

So Mr. Chrysochoidis just said that he signed one of the most important legislation passed in this country without even reading it. He just went the next day to the Parliament and voted for it like an amateur politician. Like a virgin! He didn’t have the time because he was re-organizing the Police which indeed showed a great zeal to crush the demonstrations taking place in the center of Athens. It was the same days when three people were burned in the fire of Marfin Bank, a collateral damage of that day’s violent chaos. The DIAS team were roaming the streets like horses of the Apocalypse, attacking protesters. And yes, crime, there wasn’t much of it that day because the political head of the Police devoted all his time on the issue rather than having a look at the Memorandum.

Katseli & Chrysochoidis

Louka Katseli and Michalis Chrysochoidis getting bored during some speech (it was probably an important one)

Some key things to note which will make some (more) sense. There is a widespread criticism on the terms of the Memorandum even by PASOK MPs, now that the old PASOK (that of George Papandreou) is crumbling. Everyone one is trying to clear his/her name, to distance themselves from the shame of “having been part of it”, preparing for the next day, or simply for the coming elections. Let’s not forget that Mr. Chrysochoidis has declared that he intends to challenge for the PASOK leadership which will be decided very soon. But let’s not be in a hurry and put all the blame to Chrysochoidis for simply telling us the truth. Most, if not all, of the MPs had literally a few hours to read the Memorandum. Among the virgins, there were some prostitutes too.

Here’s an excerpt from an older post that I’ve wrote (The run up to the Greek economic crisis) – it is a translation by an article of To Vima’s journalist Pavlos Papadopoulos.

“We were like prostitutes after their first time” a top government official confessed in his attempt to describe the Cabinet member’s psychological situation during their meeting to sign the Memorandum, on the 5th of May 2010. “We were looking at each other and we were all pale” he says. “We felt very ashamed since we couldn’t believe that we, PASOK, led Greece to the IMF, having chopped the salaries and the pensions”. And then he concludes “Since then we have been completely prostituted. We’ve done the same things over and over again without feeling any shame”. Almost all PASOK politicians admit in private that the Memorandum, despite its provision of some necessary reforms, is synonymous at the same time with the sentencing of the economy to a prolonged depression and with the mortgaging of the country to its lenders. However they recognize that it was the last choice in order to avoid bankruptcy and to secure the savings and the pensions, especially since the government had previously failed to implement the prior solutions.

“The Memorandum was hastily written by us and the troika” admits a high-ranking government official who participated in the (so-called) negotiations. “We had no idea of what we were writing and the troika experts were equally confused, working under great pressure from the European Commission and the IMF”. According to first hand accounts, the slightest preparation hasn’t been made and simply, on the last moment, they isolated part from older IMF Memorandums as those with Turkey, Mexico or Hungary and they would hurriedly adapt them to form the Greek Memorandum. “It’s a bad compilation, a Frankestein-styled Memorandum” says a Minister who admitted that he had less than three hours to read, understand, evaluate and approve the part of the agreement which would commit his Ministry for the next four years.

Obviously this Minister was not Chrysochoidis.

Michalis Chrysochoidis is currently Minister for Development, Competitiveness and Shipping.

The run-up to the Greek economic crisis (Part 1)

Last week I read one of the most interesting articles in the past months. It was written by journalist Pavlos Papadopoulos for the popular Sunday newspaper To Vima (16/10/2011). I decided to translate it for anyone who is interested in the backstage political activity during the first months of the Greek economic crisis. I have re-phrased some parts in order to facilitate the article’s understanding and, of course, to make it easier for my mediocre translating skills. I also decided to split the 3.000+ words article in four  parts so that it makes it easier to read online. The next parts will be translated and published during the week.

Apart from the journalistic interest, this article can prove to be useful in order to understand the suspiciousness of the Greek public against the current administration and the reasons why so many people react by protesting in the streets. Simply, try to imagine what kind of trust would you show to your government if you knew that your current state of misery is due to the amateur handling of extremely crucial issues. It is also interesting to notice how some of the decisions were not taken under the motivation of doing the right thing for Greece but were rather the results of small-party political machinations.

So here’s the first part of the article.

“We were like prostitutes after their first time” a top government official confessed in his attempt to describe the Cabinet member’s psychological situation during their meeting to sign the Memorandum, on the 5th of May 2010. “We were looking at each other and we were all pale” he says. “We felt very ashamed since we couldn’t believe that we, PASOK, led Greece to the IMF, having chopped the salaries and the pensions”. And then he concludes “Since then we have been completely prostituted. We’ve done the same things over and over again without feeling any shame”. Almost all PASOK politicians admit in private that the Memorandum, despite its provision of some necessary reforms, is synonymous at the same time with the sentencing of the economy to a prolonged depression and with the mortgaging of the country to its lenders. However they recognize that it was the last choice in order to avoid bankruptcy and to secure the savings and the pensions, especially since the government had previously failed to implement the prior solutions.

“The Memorandum was hastily written by us and the troika” admits a high-ranking government official who participated in the (so-called) negotiations. “We had no idea of what we were writing and the troika experts were equally confused, working under great pressure from the European Commission and the IMF”. According to first hand accounts, the slightest preparation hasn’t been made and simply, on the last moment, they isolated part from older IMF Memorandums as those with Turkey, Mexico or Hungary and they would hurriedly adapt them to form the Greek Memorandum. “It’s a bad compilation, a Frankestein-styled Memorandum” says a Minister who admitted that he had less than three hours to read, understand, evaluate and approve the part of the agreement which would commit his Ministry for the next four years.


Only the first two chapters of the Memorandum are purely Greek. They consist the “legal introduction” which was written by professors Evangelos Venizelos and Haris Paboukis in an office at the fifth floor of the Ministry of Development, in Mesogion Avenue.  A lot of government officials found refuge in that 10 years old building, the design of which reminds the optimism of the European Monetary Union’s era. The centre of Athens was impassable because of the tear gas and the riots which concluded that afternoon in the assassination of three young people at the Marfin Bank Stadiou Street branch.

“We’ll become like Argentina. They will enter and they will kill us” Theodoros Pangalos shouted when he was informed of the three bank employees’ death. He was at the Parliament and the MPs next to him who heard him got afraid that the mob will come inside and lynch them. But they haven’t taken into account Aleka Papariga. The General Secretary of the Greek Communist Party, an always suspicious and proactive woman, has given strict orders to the safeguarding team of PAME (the Communist trade union). The strapping communists, instead of invading the former Palace (i.e. the Greek Parliament), obeyed and sheltered it by standing in the way of a united crowd of extreme leftists and parastatal protestors who were trying to break through the police collar at the Monument of the Unknown Soldier. Once more, the Greek Communist Part had saved the bourgeois democracy.

End of Part 1 – To read Part 2 click here.