Locals cry foul over gov’t advisers
Recent decisions by the Greek government to appoint foreigners as advisers for privatization deals have irked local experts, prompting an appeal to competition authorities in a bid to obtain a piece of the pie. In a letter sent to Labor Minister Andreas Loverdos last week, the Hellenic Brokers Association (SMEXA) called on the government to include Greek brokerages on a team that will advise it on the possible sale of two lenders, arguing that they offer the «same or even better services» as foreign firms. «(The government) is looking for external advisers… from among the profiteers which it has said brought the country to a position where it can no longer borrow,» said the letter, which was also sent to the Finance and Economy ministries. Greece is in the process of appointing consultants to weigh Piraeus Bank’s offer to purchase the state’s holdings in Hellenic Postbank and ATEbank. Local press has reported the names of several foreign investment banks as being on the short-list, which does not include any domestic firms. SMEXA says the government hasn’t used Greek brokerages for the last 10 years and that it has reported the matter to the competition watchdog but the complaint has been sitting in a drawer for two to three years. SMEXA’s letter follows complaints voiced in some local media when Prime Minister George Papandreou appointed an Italian expert as an adviser on economic policy. Former Italian Finance Minister Tommaso Padoa-Schioppa, a former European Central Bank policy maker who is respected in Greece, was appointed by the PM but many questioned the criteria behind the decision and why no local talent was considered. «Are there no worthy and internationally recognized Greeks that can be used? Not one?» asked business website reporter.gr.
