Banks need safe­guards

Kathimerini English - - Front Page -

Greece’s real econ­omy will never be able to get back on the path to growth un­less some­one cuts the Gor­dian knot of non­per­form­ing loans. For this to hap­pen, how­ever, the coun­try’s lenders will need cer­tain le­gal safe­guards that will al­low them to open the way. The fact is that no bank­ing of­fi­cial is pre­pared at this point to sign any de­ci­sions al­low­ing a write-off of debts or the re­struc­tur­ing of trou­bled busi­nesses sim­ply be­cause they are afraid – and right­fully so – of com­ing into the crosshairs of the jus­tice sys­tem. There have, of course, been cases in the past when pub­lic money was pil­fered with the help of bankers and there should in­deed be no tol­er­ance for such phe­nom­ena when cor­rup­tion or some other re­la­tion­ship of de­pen­dence has been proven. But if Greece wants to turn over a new leaf and get its bank­ing sys­tem back on its feet, bank­ing of­fi­cials need to be able to do their jobs with the nec­es­sary le­gal pro­tec­tion from Par­lia­ment.

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