PASOK repeats objections to Emporiki deal
The main opposition Panhellenic Socialist Movement (PASOK) repeated its objections to the Credit Agricole's revised offer for the state's share in Emporiki Bank on Wednesday, after a meeting between PASOK MPs Maria Damanaki and Christos Protopappas with Emporiki's staff union. In comments on the improved offer of €25 per share, Damanaki again claimed that the government was planning to pressure the social insurance funds and other state-sector entities owning substantial shares in Emporiki to accept the deal agreed with Credit Agricole. PASOK said that the revised offer was still below a fair value range stated by Emporiki's privatisation consultant of €28.4-31.5 per share, and that any sale would damage the state and other shareholders. "We warn [the government] not to do this. The managements of the funds are managing the money of the insured and have a full obligation to respect their interests," Damanaki said. Following the meeting with Emporiki's staff union, Damanaki said the government was rushing into the sale without any previous financial study or assessment of the gains for the insurance funds and without solving the problems of the bank's own insurance fund. "The result is that, for the past two months, the pensions of staff retiring from Emporiki Bank are being paid by the Social Insurances Foundation (IKA) and IKA, which is using the money of the Greek public and has been burdened with €10 million in three months. The situation is unacceptable and the employment minister owes an explanation," she stressed.
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