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EUROPEAN
PARLIAMENT
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2014 - 2019
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<Commission>{PETI}Committee on Petitions</Commission>
<Date>{27/05/2014}27.5.2014</Date>
<TitreType>NOTICE TO MEMBERS</TitreType>
Subject: <TITRE>Petition
2843/2013 by Ioannis Marinopoulos et. al. on behalf of the Union of Natural
Persons holding bonds of the Greek State (Syllogos Fysikon Prosopon
Omologiouchon Ellinikou Dimosiou) on their loss of savings during the
"haircut" of the Greek state debt</TITRE>
1. Summary of petition
The petitioners
are natural persons who invested their savings in Greek state bonds. As a
measure to tackle the adverse effects of the economic crisis on the Greek
economy, a "haircut" (via the PSI procedure) was imposed in March
2012 on all holders of Greek state bonds, irrespective of their status (i.e.
banks, investment funds, companies or natural persons etc.), leading to the
loss of approximately 1 billion Euro by 15.000 natural persons. The number of
people affected by this decision is about 100.000 persons in Greece only
(savers and families), who are also subjected to other austerity measures.
Their despair is so great, that already 14 persons have committed suicide. They
claim that the haircut procedure was not voluntary, but in fact obligatory,
unfair and disproportionate to their economic ability. They require immediate
financial restitution and ask that they are heard before the Committee for
Petitions in order to present their case.
2. Admissibility
Declared admissible on 20 January 2014.
Information requested from Commission under Rule 202(6).
3. Commission reply, received on 27 May 2014
Greece developed over the last decade a
large competitiveness gap vis-à-vis the other Euro-area Member States and
accumulated a very high public debt stock. Under the 2nd economic
adjustment programme agreed in March 2012, Greece has been addressing over the recent years these and other major
challenges with a view to achieve sustained growth, a balanced economy and
sustainable public finances and debt dynamics[1].
The Commission is fully
aware of the problems faced by many retail investors who had to suffer
reductions in the face values of their investments and unfavourable repayment
terms.
It should be stressed however
that, in line with the conclusions of the summit of the Euro Area Head of
States and Governments on 21 July and 26 October 2011, the implementation of
the private sector involvement in the financing of the 2nd Greek
economic adjustment programme was the primary responsibility of the Greek
authorities. It is for Member States to ensure that their obligations regarding
fundamental rights – as resulting from international agreements and from their
internal legislation – are respected.
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