Greece signs out-of-court settlement with Siemens

Finance Minister Yannis Stournaras signed an agreement on Thursday that means all charges barring criminal ones relating to bribery allegations in the Siemens scandal would be dropped in return for compensation.

The two sides agreed to waive 80 million euros they owed each other and for the German multinational to pay another 90 million euros that will be used to fund state bodies that combat corruption, university research programs, 100 postgraduate scholarships per year and medical equipment for public hospitals. The electronics and electrical engineering company also agreed to invest 100 million euros this year in its Greek branch, Siemens Hellas, which employs 600 people.

The German firm will also invest another 60 million euros in the construction of a new factory that will employ up to 700 people.

The out-of-court settlement was approved by Parliament earlier this year.