Measures against profiteers
The financial crime squad is set to intensify market checks countrywide in the coming weeks following reports of unjustified price increases and attempts to defraud consumers. The decision to crack down on unwarranted price hikes underscores the government’s concerns over a possible flare-up in inflation. An inflation uptick could impact on Greek competitiveness and jeopardize the country’s goal of achieving above-average economic growth this year, Economy and Finance Minister Nikos Christodoulakis said earlier this week. He said that price increases are not a panacea to a company’s profitability. Consumer prices slowed to 3.3 percent last month, down 0.1 percent. EU-harmonized inflation fell by a bigger margin, but continued to hover sharply above EU averages. With Greece aiming to outpace other eurozone states in terms of economic growth, inflation could see more upside risks ahead. The financial crime squad’s impending crackdown on profiteers followed reports of some businesses overcharging for mineral water and general consumer products. It is also expected to take action against companies selling taps coming from the East but were passed off as Italian and German products. The Development Ministry, which also handles commerce, said yesterday that a number of consumers have filed charges regarding these forgeries. These have been passed on to prosecutors. In some cases, the words «Made in Italy» were embossed on the taps even though the products were manufactured in the East. In other cases, instructions were written in Italian or German in order to deceive consumers on the products’ country of origin. Following checks on seven companies in Attica, the squad confiscated more than 23,000 items. The European Commission has the job of policing public budgets and is anxious to reassert its authority.
