Official: HFSF is totally out of the Greek Public control!

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The Greek finance minister, Yanis Varoufakis, made a significant revelation during a recent interview to the journalist Nikos Chatzinikolaou, concerning the Hellenic Financial Stability Fund (HFSF).

Prior to the Greek elections, SYRIZA examined the possibility to use the deposits of about 11 billion of the HFSF, to implement its program concerning, partly, the relief of the most vulnerable who were hit heavily by the crisis in Greece. However, eurogroup did not approve this because demanded that this amount should be used only for the re-capitalization of the Greek banks, if necessary.

The amount went finally to the European Financial Stability Fund (EFSF) to be used in the future, if necessary. The eurogroup refused to return even a 1.2 billions amount that the Greek government requested (http://www.reuters.com/article/2015/03/26/eurozone-greece-efsf-idUSL6N0WS6EX20150326). The chief executive of the Hellenic Financial Stability Fund (HFSF), Anastasia Sakellariou, was forced to resign recently because of this case.

However, Varoufakis revealed that the main reason for which all the money "flew" from the hands of the new Greek government, was because the previous Samaras-Venizelos coalition accepted the terms and the legal frame for the HFSF, under which the Greek Public has absolutely no jurisdiction on the Fund deposits.

Therefore, this is a total and official confirmation of what has been revealed by the blog, back in January of 2014, that the Greek state has absolutely no power on the Fund, through the article Greece: The only "public" in banks is the debt that will be loaded on future generations!

HFSF is crucial for the control of the banking system, which means that a change in its legal frame could give the Greek Public the real control. This explains to a significant degree, why the previous neoliberal government was anxious to sell off the HFSF shares to private financial institutions.