Friday August 29, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Consequences of the Papaconstantinou affair

By Angelos Stangos

There are many who are still in shock over the revelation that former Finance Minister Giorgos Papaconstantinou may have tampered with a list bearing the names of Greek depositors at a Swiss branch of HSBC. These are mostly citizens who believed in and defended Greece’s place in Europe throughout the course of the crisis. It is people who resisted being swept up in the wave of populism because they knew that it is of paramount significance that Greece remains in the common currency area.

Beyond the economic advantages – and these are very important – it is only by remaining in the eurozone that Greece can hope to bring about the necessary structural reforms and survive until Europe’s unification is complete.

These people cannot believe that a finance minister would ever contemplate doing what Papaconstantinou is being accused of. In his defense, Greece’s former finance chief claims that he has been set up and that he had no part in erasing the names of his relatives from the list. And of course, he remains innocent until proven guilty, even though the evidence weighs heavily against him. The first reason why things are not looking good for Papaconstantinou is that he testified before Parliament that he had lost the original copy of the list. Secondly, he did not submit the names of the relatives concerned to a probe into the provenance of his and his family’s wealth. And thirdly, he did not react when the list was published without the contentious names after being leaked to a journalist.

Objectively, the Papaconstantinou isssue should not be associated with Greece’s efforts to meet creditor demands for austerity and reforms. However, the fact is that this affair has dealt a very heavy blow to the political system and particularly to its pro-European forces. The parties of the tripartite coalition, and especially PASOK, are presenting the case as being about one individual’s decisions and actions and are hoping that if it is seen as such, the damage can be contained. Whether this will be the case remains to be seen, but in the meantime, the opposition is using the case to harm the coalition as much as possible.

The damage done by the Papaconstantinou affair is not just restricted to Greece, but has international repercussions at a time when Greece is striving to restore its good name.

As far as Papaconstantinou himself is concerned, its appears very much as though his career is over. It is not just the baseness of the act that he has been accused of that blackens his name, but also the fact that he opened himself up to attack from the political system, which swept down on him and then tried to use him as a scapegoat to hide behind. Of course, he may still be able to present irrefutable evidence that he is the victim of a plot, and if that happens then all hell will break loose.

ekathimerini.com , Tuesday Jan 1, 2013 (20:55)  
Greek quest for debt relief faces hurdles in Paris
Stifled dreams
Staying on the same page
The Lotus-Eaters
Kouvelis avoids ruling out his potential candidacy for Greek president
As speculation intensifies about Democratic Left (DIMAR) leader Fotis Kouvelis being the ruling coalition's favored candidate for president, with the term of incumbent Karolos Papoulis set t...
Greek PM to meet Juncker in Brussels, host Coelho, Rajoy in Athens
After a flurry of meetings and telephone calls with European officials, Prime Minister Antonis Samaras is set to meet with incoming European Commission President Jean-Claude Juncker at a Eur...
Inside News
Greece´s Eurobank posts 301-mln-euro loss in Q2
Greece’s third-largest lender by assets, Eurobank, reported a 301-million-euro loss in the second quarter as loan-loss provisions continued to weigh on its bottom line. Analysts polled by Re...
Greece´s top banks said to seek up to 5.4 bln euros in ECB loans
Greece's four biggest banks are seeking as much as 5.4 billion euros ($7.1 billion) from the European Central Bank's first auction of cash aimed at boosting loans to companies and households...
Inside Business
Iliadis triples up as Aguiar stuns Tcheumeo
Greek star Ilias Iliadis claimed his third world title in the under-90kg category in Chelyabinsk on Friday as Brazilian Mayra Aguiar and Colombian Yuri Alvear won gold in the women’s under-7...
SOCCER
New Greece coach Ranieri promises to give youth a chance
Claudio Ranieri has promised to give young players a chance after being officially presented as the new coach of Greece. The much-travelled Italian signed a two-year deal in July to have his...
Inside Sports
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece´s Eurobank posts 301-mln-euro loss in Q2
2. Iliadis triples up as Aguiar stuns Tcheumeo
3. New Greece coach Ranieri promises to give youth a chance
4. Kouvelis avoids ruling out his potential candidacy for Greek president
5. Greece´s top banks said to seek up to 5.4 bln euros in ECB loans
6. Greek retail sales rise 3.8 percent year on year in June
more news
Today
This Week
1. Greek quest for debt relief faces hurdles in Paris
2. Strong undersea quake occurs off island of Milos, felt in Athens
3. Dozens of migrants intercepted in the Aegean
4. Rendi shootout leaves would-be hypermarket robber dead
5. Gov't jet carrying Venizelos back from Turkey conducts emergency landing
6. Finance Minister holds final preparatory talks before Paris meet with troika
Today
This Week
1. Brussels warns Greece over plans to allow construction near Korinos beach
2. Attack on gay couple in Athens leaves one man needing surgery
3. Merkel cites euro’s ‘construction flaws’ as economy sputters
4. Purification rituals
5. Second man held over double murder in Mani
6. The battle against progress
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.