The rescue plan needs clear rules
Despite the assurances of the Economy Ministry that the Greek economy and its banking sector are safe, 28 billion euros is now being given to buttress the banking system. Is this because Greek banks have found themselves in trouble after all, or was it decided to allot this money just to help out certain banks in light of the global financial crisis? The real question, therefore, is the terms under which credit institutions receive assistance and what the taxpayers can expect. The problem is that this 28 billion is being forked out without the necessary dialogue having first been held and assurances given that this money will be well spent. Let us not forget that a similar strategy suggested by US Treasury Secretary Henry Paulson was initially rejected by the US House of Representatives until the taxpayer was protected. The problem for Greek taxpayers is that there have been few assurances and the terms of the bailout are vague. Citizens demand that the rules be made clear and that they be informed where this money goes, because that 28 billion euros will be coming out of their savings.
