SAE World Secretary urges for the compensation of the small savers, greek government individual bondholders

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Dr.Olga Sarantopoulos, SAE World Secretary urges for the compensation of the small savers, greek government individual bondholders



Dr.Olga Sarantopoulos – Secretary World SAE

Vienna, October 14th, 2013


In a letter to the Honourable Prime Minister of Greece Mr.Andonis Samaras, Dr.Olga Sarantopoulos, Secretary of the World Council of Hellenes Abroad urged for compensation of the Greeks and Expatriate small savers,  Greek government individual bondholders.

As noted by Ms. Sarantopoulos the issue involves about 15,000 Greek families in Greece and abroad, the majority are ordinary people, family men, who saved their lifetime savings in Greek government bonds in response to the call of the motherland. They are now in dire straits because of the decision to clip the public debt and subsequently the government bonds, and have suffered losses in the ranks of 75% of their savings. Many of them are on the brink of economic disaster. Fourteen of which have already committed suicide.


The Secretary of SAE emphasizes in her letter that the Greek State ignoring the opinions of experts, refused to protect individuals from the process of “clipping”, which was made by other European countries such as Iceland and even by the bankrupted Argentina. But compensated foreign major investors and those who had bought bonds with English law. And so, when in fact a decision-judgment of the European Court of EFTA dated 28th of January 2013, with an excellent rationale applies to the case of Greek individuals, claryfied, that it is not a discrimination towards foreign depositors (in Iceland), if they are not compensated.


With effect, the Greek State to appear insolvent to its citizens, to the Greeks abroad who trusted and supported the national reconstruction of the Greek economy.


As pointed out by Dr.Sarantopoulos, it was H.E. the Prime Minister of Greece, Mr. Andonis Samaras in his election speech at the Zappeion Building who promised the immediate restoration of injustice suffered by small bondholders. Besides, the program agreement  between the three parties ND, PASOK, DHMAR provided rehabilitation of the individual bondholders. Also the Vice- President and Minister of Foreign Affairs of Greece Mr.Evangelos Venizelos underlined at the International Fair of Thessaloniki 2013 that there is a moral obligation to sort out the unfinished business with the small bondholders, and that this was never forgotten as a liability.


Dr.. Sarantopoulos  called upon the Honourable Prime Minister to  take the necessary steps to restore justice and based on what has already ruled the EU and the international authorities.