GREECE - The Greek bond overpricing scandal has made its way into parliament sparking furious debate between the two main parties.
Akropolis brokerage is accused of overpricing bonds to the tune of €5m, which it then sold to the Civil Servants Auxiliary Pension Fund (TEADY).
The affair has already seen the resignation of the head of the TEADY board fund.
Opposition leader George Papandreou accused the government of appointing officials unable to manage pension funds: “A whole mechanism has been set up so that some people – parasites, middlemen, party cadres – could claim commission in workers’ pensions.”
Prime minister Costas Karamanlis countered by saying that all new appointments would have to be approved by the Bank of Greece and Capital Market Commission.
He added: “That way we will ensure that the individuals who handle the finances of the fund will have the necessary knowledge and experience.”
Despite denying any wrongdoing, Akropolis’ trading license has been temporarily revoked and investigations are underway into a cash withdrawal of €2.4m from company coffers by its president.
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