Debating aid package for banks

This newspaper insists on the need for a comprehensive debate about the soundness of the conservative government’s measures aimed at shielding Greece’s private banks against the impacts of the global financial crisis. The debate must be held free of any a priori condemnation of banks and without degenerating into populist sound bites. A lot of money is involved and these are difficult times for Greece’s taxpayers. The government must ensure the transparency of the process and everyone must have a clear picture of the present situation of the banks. Putting a limit on executives’ remuneration is also necessary in order to avoid provoking public sentiment. There is no doubt that the market is in urgent need of liquidity. But the administration must ensure that the emergency is not exploited by some in order to make a quick profit. Just such a debate is already taking place in the United States and many countries of Europe. These are mature, free market societies without taboos.