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What happens in Brussels, does not stay in Brussels [InTime News]
Welcome to the weekly news round-up by Kathimerini English Edition. To paraphrase a well-known saying about London buses, you wait ages for an investigation into a Greek MEP, and then two come along almost at once as, on Thursday, the European Union’s Chief Prosecutor requested that immunity afforded to Greek MEPs Eva Kaili and Maria Spyraki be lifted. The alleged involvement of Kaili, who represented center left PASOK, with the Qatargate scandal has been well-documented. Spyraki, an MEP elected with the ruling New Democracy party, was suspended for alleged fraud unrelated to the scandal. Both lawmakers have been suspended from their parties. If only it was that easy for the two parties to distance themselves from their prodigal daughters. During a crucial week for parliamentary life in Greece, with parties debating and voting on the state budget, events in Brussels have only fanned the flames of what was already shaping up to be a vicious pre-election period. Any early hopes by New Democracy that the Qatargate scandal would provide an electoral boon, reviving certain perceptions of PASOK’s past that could cost it votes, were quickly dashed by the announcement of the investigation into Spyraki. In fact, Kathimerini’s Stavros Papantoniou noted that the government was very unhappy with Spyraki given that the timing of the investigation could not have been worse for New Democracy as it was on the “offensive” over developments in Brussels. This is despite efforts by both main opposition party SYRIZA and PASOK to saddle New Democracy with Kaili. PASOK leader Nikos Androulakis called her New Democracy’s “Trojan Horse” in his party, something echoed by the SYRIZA leader who stated that Kaili “was a staunch supporter of the Mitsotakis government.” It remains to be seen if the investigation into Kaili, often considered one of the staunchest anti-SYRIZA members of PASOK, will eventually bring the two opposition parties closer come election day, particularly as Androulakis seems intent on distancing himself from his colleague in Strasbourg. SYRIZA certainly hopes so as it continues to court PASOK, looking for a potential coalition partner. At the same time, the government continues to find itself under fire over the wiretapping scandal. Following a story by Euractiv, the Greek Authority for Communication Security and Privacy confirmed that there were orders to monitor the communications of a journalist and an independent Greek MEP, after investigating at their behest. This era of not-so-good feelings culminated in a brutal parliamentary session on Saturday. Prime Minister Kyriakos Mitsotakis stated that SYRIZA “was and will be a protest party, not a government party,” while Tsipras stated that the proposed budget was there to “pillage” Greece. A friendly affair all around. And if you were wondering, the budget passed. All of this rather problematic public discourse took place in a week that began with the threat of a missile strike on Athens by Turkish President Recep Tayyip Erdogan. “Greece is afraid of our missiles. They say that the TAYFUN missile will hit Athens, it will, unless you stay calm,” he said, followed by the usual condemnations by the EU and the United States Department of State. Admittedly, one wonders if Greece has become a bit desensitized to these threats by now. However, they are a constant reminder that tearing each other apart domestically may not be an ideal strategy. |
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OPINION
 [InTime News]The recent budget debate in parliament reminded us that some things do not change. Handouts given, subsidies From all the announcements made by the prime minister, one stood out: a 10% subsidy on all foodstuff purchases, from essentials to sweets. It will start in February and last for six months, coinciding with the pre-election period; the next national elections are expected to take place some time in the spring, with a possible second round to follow around June or July. During the previous years we witnessed some gradual changes towards a different mentality. In theory, an emphasis on meritocracy and healthy competition, moving away from the slippery slope of populism; developments that would facilitate not only the lives of the average citizen, but also the process of planning by Greek and foreign investors. Unfortunately, over the last few months the government has announced several measures that mirror mistakes of the past. A characteristic example being the legalization of extensive real estate violations, despite commitments to terminate them and enforce harsh penalties. The fact that similar moves in the past were the rule rather than the exception, does not make them right. The repeat of such behavior now, after the country has gone through the painful experience of the economic crisis and the tough measures a number of governments had to implement, is simply unacceptable. And with a huge debt still a burden, it makes it harder to achieve the investment grade Greece is aiming for. What is needed is respect for the rule of law and fiscal responsibility, rather than populist handouts. As we move closer to the election and the race between the two main parties becomes more competitive, one hopes that the government – as well as the main opposition eying its return to power – will resist the temptation to promise everything to everyone at the expense of the country’s future economic stability. |
| CHART OF THE WEEK |
 The Greek start-up ecosystem is providing increasingly competitive salaries and stock options for its employees, particularly when compared to the rest of the Greek economy. This move is an effort to attract talent in roles for which there is high international demand. A survey conducted among 40 Greek start-up companies, employing approximately 3,000 people in Greece, illustrates that technology roles (like engineering and data management) pay highly for Greek standards, with 40% of them also receiving stock options. Indicatively, an entry level engineering job on average pays 1,300 euros a month, almost double the national minimum wage of 713 euros. |
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| ECONOMY IN A NUTSHELL |
| “The Athens Exchange (ATHEX) general index closed at 911.85 points on Friday, losing 0.45% on a weekly basis. Unemployment in Greece eased to 11.6% in the third quarter of 2022 according to the Hellenic Statistical Authority.” |
| “Finance Minister Christos Staikouras and the Greek banks reached an agreement on the implementation of a framework that will protect vulnerable households from rising interest rates. Several banks also announced that they are increasing their interest rates on time deposits.” |
| “JP Morgan acquired 48.5% of Athens-based fintech company Viva Wallet in a deal worth a reported 820 million euros. The American bank is set to purchase the minority stake held by investment firms Hedosophia, DECA Investments and LATSCO Family Office.” |
| WHAT'S ON THE AGENDA |
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Editor's Pick A lot of things are happening in Europe and specifically in Greece at the moment which urge citizens to discredit politics and question the integrity of institutions.Alexis PapachelasRead the article |
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