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    Greek national flags are displayed for sale at the entrance of a one Euro shop in Athens

    Bank Nationalization May Help Resolve Greek Debt Crisis – Syriza Lawmaker

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    Financial crisis in Greece (197)
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    Greece's ruling Syriza party is considering nationalizing the country's banking system in an effort to end the country's debt crisis, party lawmaker and Chairman of Committee on Economic Affairs Stefanos Samoilis told Sputnik Turkey on Friday.

    MOSCOW (Sputnik) — "The nationalization of the banking system, or the creation of a public bank, can be the measures that will help the Greek case," Samoilis said.

    According to the lawmaker, public control over the banking system in Greece is one of Syriza’s main promises as "Greek taxpayers paid for the insolvency and recapitalization of their banks without getting anything in return."

    He added that the unwillingness of banks to play a developmental role and provide sufficient liquidity hurt the Greek economy, a pain that could only be reversed if national control is applied.

    Greece is undergoing a deep economic crisis, with overall state debt standing at some $350 billion. A total of $270 billion is owed to three major international lenders — the European Commission, the European Central Bank and the International Monetary Fund.

    Athens and its three main creditors are currently attempting to reach a new agreement on Greece's debt before the June 30 expiration of the current bailout program. The most recent Thursday talks failed to produce a result.

    Financial crisis in Greece (197)


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    crisis, debt, bank, nationalization, Syriza, Stefanos Samoilis, Greece