The bonds of silence

The Fourth Community Support Framework and the use of its funds is a highly serious matter. Government meetings are essential so that the management of the inflows is beneficial and honest. Both the public (including embarrassed New Democracy supporters) and politicians (including squabbling ministers) might expect that an extraordinary government meeting – extraordinary in that being on a Sunday it doesn’t chime with standard prime-ministerial habits – would be devoted solely to the scandal of the structured bonds. There is a general demand for clear explanations and clearer commitments at the highest possible level, i.e the prime minister. But no such thing happened. Divided before and after the meeting, the government did nothing more effective than grasp at the lifeboat that JP Morgan cast into the black sea of commissions. But lifeboats with holes never saved anyone. That the «investment» of insurance fund reserves was scandalous is not «malicious journalistic rumor» and «demagogic opposition exaggeration,» as government officials initially claimed in unison. Their united front has since crumbled as some ministers now admit what was evident from the start – the bonds were bought at an inflated price by funds with ignorant administrations that obey party dictates. The overevaluation of the bond is accepted now even by the deputy government spokesman, by Deputy Economy Minister Petros Doukas and by Education Minister Marietta Giannakou, who stated, «Overevaluated bonds were bought and that is an illegal action, an action outside the bounds of legality.» Other government and party officials have spoken of the «confusion of stock market values with political values.» From a commitment that the «knife will cut to the bone» to «collegial backstabbing,» the discrepancy is apparent. Perhaps that is why it did not preoccupy the Sunday government meeting.

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