NEWS

Bill allows parties private funding, ups transparency

A new legislative framework being finalized by the Interior Ministry aims to allow political parties to receive funding directly from enterprises but also obliges the parties to boost transparency and accountability.

The bill, which is to be submitted for approval in Parliament in the coming days, will mean that parties will be able to legally receive funding from private enterprises and individuals as long as they make the information public.

The reform is one of 12 so-called prior actions that have been demanded by Greece’s troika of international lenders in exchange for the release of two tranches of rescue loans worth 2 billion euros.

The aim of the reform is twofold: to facilitate parties which have seen their state funding reduced due to across-the-board spending cuts demanded by the troika, and to subject them to greater transparency as a means of clamping down on corruption and entangled interests.

A special website is to be set up where the details of all private donors are to be published along with detailed information about the finances of the political parties.

All donations would be tax-deductible, sources indicated.

Drawn up by former Interior Minister Yiannis Michelakis, the legislation is being finalized by his successor, Argyris Dinopoulos.

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