Defenseless consumers
Greek consumers are protected, at least in theory, by two state watchdogs, namely the general secretary for consumer affairs and the newly founded consumer ombudsman. Also Greek banks have set up a so-called banking ombudsman so as to make sure their clients are not wronged in any way. But all these bodies have failed to take notice of a very obvious shortcoming that has been recently pointed out by the European Commission. Greek consumers of bank products are defenseless. Charges on transfers are 10 times the European Union average. The price of banking products along with the mammoth profits made by their sellers are the unmistakable sign of a cartel in the sector. Its endurance exposes the foot-dragging of the Competition Commission. A truly free market would drive prices of banking products lower. The cost of transactions in other EU states shows that monitoring bodies are doing a better job of ensuring free market principles.
