“As is the case with the energy crisis, households, the new generation and small and medium-sized businesses are once again called upon to bear the overwhelming majority of the costs from the increase in lending rates,” says the president of PASOK in his statement
He refers to the major issue of the increase in interest rates in his statement the president of PASOK, Nikos Androulakisspeaking of bank speculation at the expense of citizens.
More specifically, he stated:
“With inflation moving in our country at 10% and the purchasing power of citizens shrinking dramatically, banks choose to keep the interest rate for new one-year time deposits at almost zero levels – of the order of 0.11% – thus eroding the value of savings as well. At the same time, the weighted average interest rate of all new loans to households and businesses increased by 60 basis points to 4.60%.
In addition to the difference in interest rates on deposits and loans, the systemic banks in Greece draw huge interest profits of hundreds of millions of euros and from the cheap liquidity of more than 50 billion, which they drew from E.K.T. the previous three years with negative interest rates without sufficiently stimulating the market.
As with the energy crisis, households, the new generation and small and medium-sized enterprises are once again called upon to bear the overwhelming majority of the costs of rising lending rates.
While European states such as Spain voted to impose an extraordinary 4.8% levy on interest rate differential profits and fees charged by banks, the Greek government is allowing systemic banks to generate excess profits, subsidizing them to major energy companies and profiting through price increases and VAT at the expense of the most vulnerable and the middle classes.
Only with fair and bold policies can we preserve social cohesion and ensure the competitiveness and sustainability of the productive base of our country”.
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