EU Parliament: Query about Troika’s Decisions for Greece

othmar karasA special committee of inquiry will be appointed by the Economic and Monetary Affairs Committee of the European Parliament in order to investigate the role troika played in Greece, Cyprus, Portugal and Ireland.

The issue was discussed last week in Strasburg, France, however, the exact object of the investigation of the above mentioned newly appointed committee of inquiry, will be defined at the presidents conference during the next plenary session in mid-November.

According to sources, the methodology of troika will be put under evaluation during the collection of data, as well as the criteria on which troika makes decisions. Also under investigation will be whether there is a democratic legitimacy of troika’s decisions.

In addition, the committee will investigate the role of the global financial services firms, such as the US firm Alvarez & Marsal, to which the Cypriot government appealed during its negotiations with troika.

The committee of inquiry will call to testify troika’s employees and will also order independent economic studies which will put in question the assumptions and predictions of memoranda.

“Troika made a great deal of decisions beyond the normal democratic procedure because it had to act immediately. We want the Commission, the ECB and the IMF to tell us how they carried out their obligations. We expect them to have kept detailed archives,” said a member of the committee.

It is already agreed that the query will be led by Othmar Karas, MEP and member of the Austrian People’s Party, and his Social-Democratic colleague from France Liem Hoang Ngoc, while Belgian MEP Philippe Lamberts from the Greens and his Dutch colleague Derk Jan-Eppink from the Conservatives will assist them in this tough process.

Finally it should be noted, that if the report is eventually approved, it will be communicated to the plenary session of the European Parliament in late April of 2014.


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  1. READ FROM KATHIMERINI today— EU is Clueless what is going on…

    “Greece In Decline”

    By Alexis Papachelas – Kathimerini News – Tuesday October 29, 2013

    Future historians will look back on the current period with utter incredulity
    and ponder how Greece was allowed to plunge into such an unprecedented
    decline.

    Dysfunction has become the rule these days, and the most bizarre things
    almost fail to strike a chord any more. The list of problems and shortcomings is
    endless.

    At the moment, it is not possible to know the whole truth about the
    controversial submarine deal signed in 2010 (by Deputy Prime Minister Evangelos
    Venizelos, when he was defense minister with the PASOK government).
    Nevertheless, it is hard to believe that a country which has spent several
    billion euros on the acquisition of state-of-the-art submarines is now caught up
    in this unbelievable mess and, most importantly, without a single vessel.

    Or take the procurement of the German-made Leopard tanks, which Greece
    obtained without making sure it had any ammunition for them. Sure, one aspect of
    the problem is the large amount of kickbacks involved in these purchases. At the
    same time, however, Greece has notoriously complex legislation and daunting
    procedures that make it nearly impossible to take any decision regarding
    ammunition.

    In the end, kickbacks change hands, the money is spent, and still there is no
    decision. This is more or less how countries fall apart.

    Decline was also highly visible in the fuss about the October 28 military
    parade. On the very day that the nation should have been united and feeling
    proud about its heroic forefathers, the whole thing broke down into a fight
    about who said what, who invited whom and who paid the tanks’ fuel bill.

    Seeing the podium devoid of politicians and the public kept in a safe
    distance behind police cordons because of the fear of riots is a cause for shame
    and embarrassment. Greek institutions are in deep and undeniable
    decline.