UNKNOWN TO ALL GREEK BORROWING € 675 BILLION (SIX HUNDRED SEVENTY-FIVE BILLION EUROS) CRITICIZES THE COURT’S REPORT…

by on 7 Ιανουαρίου 2017

Unknown to all Greek borrowing € 675 billion (six hundred seventy-five billion euros) criticizes the Court’s Report on the Report of the State for the year 2015, which has been submitted to Parliament for approval…

Involved, except the Ministry of Finance is the Government Debt Management Agency (O.D.D.I.CH.) And the Bank of Greece.

The facts stated by the Court in the Report (pages 14, 15 and 16)  is revealing and require no further analysis:

«Credit income (debt) showed an increase compared to the budgeted at € 675.088.655.321,21, amounting to a total of € 771.074.655.321,21. The significant deviation of credit revenues from the budget forecast due mainly to the fact that the Greek State, through the Public Debt Management Agency (O.D.D.I.CH.), Made during the test year on (unforeseen in the budget) concluding securities selling operations with repurchase agreement with the entities participating in the «common fund and Entity Insurance agencies», whose management has been entrusted to the Bank of Greece. Repurchase agreements are a financial tool that is used by management to meet current liquidity needs. Consequently, a short-term domestic borrowing, with members from the government agencies and not counted in the official debt. For the year 2015, for the sale of securities repo operations, budgeted amount € 44.000.000.000,00, but the amount of these transactions amounted to 694.206.470.059,16, an amount of € 97.153.994.700,95 in 2014 (an increase of 614.54%). In this case, however, does not accurately obtained nor the players who participate in this short-term debt, nor that channeled liquidity caused by those acts. On the first issue with 59 488 / 09.08.2016 letter of 7 Office of the Court to the PDMA, requested detailed list of operators participating in «common fund» and hence the short-term borrowing, but by 1648-1613 -09-2016 reply letter of the PDMA has not provided sufficient information. «

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