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Former Greek FinMin Admits Hiding $750k Overseas "Afraid Country Would Collapse"

Tyler Durden's picture




 

With “well-known Belgian beer” and other critical imported goods becoming scarce in Greece, one could hardly be blamed for wanting to move some cash out of what is clearly a sinking ship. Nevertheless, revelations that former finance minister Gikas Hardouvelis transferred some half a million euros out of the country in 2012 come at a decidedly inopportune time, as the country’s current finance minister is in the midst of an epic display of brinksmanship in a futile attempt to preserve what little dignity Syriza has left while simultaneously staving off financial armageddon. 

Apparently, Hardouvelis was concerned enough about Greece’s fate in the summer of 2012 to move €450,000 out of the country to an HSBC (go figure) account over the course of 56 transactions. Unfortunately, a recent investigation into the former FinMin’s bank accounts revealed “discrepancies.” 

Rather than deny the fact that he acted to avert the possibility that his savings would be subject to redenomination, Hardouvelis went the direct route and simply told the truth: “Yes, I transferred some money abroad because as every Greek I was afraid that the country would collapse,” Hardouvelis said, adding that “Greeks always look at their own pockets.”

More from TOC

The money transfers took place only a few months before Hardouvelis became a key adviser to the technocratic Prime Minister Lucas Papademos who led a unity government following the resignation of George Papandreou. Hardouvelis went on to become Finance Minister in 2014. 

 

Speaking on Monday morning to a live program on Star channel, Hardouvelis said, “In June of 2012, I also became fearful – as all of Greece was. And I, as many Greeks, transferred some money abroad so that I could support my children, I was frightened that the country might collapse.”

 

Several days ago the head of the newly created anti-corruption bureau Panos Nikoloudis requested that parliament examine Hardouvelis’s 'Pothen Esches' financial declarations after discrepancies were identified.

 

Specifically Nikoloudis stated that in 2011 Hardouvelis’s bank accounts had been credited with funds that exceeded the amount that he had declared on his income tax declarations. Nikoloudis also stated that for 2012 Hardouvelis had wired money abroad which had not been included in the wealth declarations he was obliged to submit given his role as an adviser to the Prime Minister between November of 2011 until May 2012, and as Finance Minister from June 2014.

 

Hardouvelis has rejected any allegations of wrongdoing stating that all of the money has been properly taxed and declared by him and his wife.

But while Hardouvelis claims he did it all for the children, the Greek government has another take on the matter: 

Mr Hardouvelis maintains that he sent the funds to Britain. That is true on one level, but to be precise he sent them to a branch of the bank in question on the Isle of Jersey which, while is indeed a part of Britain, is also the 7th most important offshore tax haven in the world and a favourite destination for the money of Greeks who wish to avoid taxes. 

In the end, we have capital flight and allegations of tax dodging in the context of possible Grexit — so, par for the course. 

 

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Mon, 03/09/2015 - 22:16 | 5871868 Steroid
Steroid's picture

The Grecian Timmy!

Mon, 03/09/2015 - 22:41 | 5871931 Cognitive Dissonance
Cognitive Dissonance's picture

My favorite quote. "Greeks always look at their own pockets." Smart man.

Mon, 03/09/2015 - 22:42 | 5871935 smlbizman
smlbizman's picture

for the children man....the children...

Mon, 03/09/2015 - 22:48 | 5871944 Cognitive Dissonance
Cognitive Dissonance's picture

We should all have something stashed away. This man just wasn't man enough to admit it was for him. He was trying NOT to be the sucker at the poker table. Do you trust your government? He doesn't and neither should you.

Mon, 03/09/2015 - 22:57 | 5871970 usednabused
usednabused's picture

True, but then I don't work for any government or rip off taxpayers to get half a million dollars to send off to some tax haven. I say crucify the motherfucker.

Tue, 03/10/2015 - 06:41 | 5872512 Cognitive Dissonance
Cognitive Dissonance's picture

The money transfers took place only a few months before Hardouvelis became a key adviser to the technocratic Prime Minister Lucas Papademos who led a unity government following the resignation of George Papandreou. Hardouvelis went on to become Finance Minister in 2014.

He may or may not have been corrupt. But the transfers occurred before he was a government employee.

Tue, 03/10/2015 - 08:26 | 5872656 COSMOS
COSMOS's picture

I as many Greeks dont have 750,000 to transfer out of the country, and if I did I would invest it in my country and gold buried in its soil.   And this let us not forget this is but one account that he was caught with.  How many others does he have.  These POS should be hanged.

Mon, 03/09/2015 - 22:19 | 5871879 Joebloinvestor
Joebloinvestor's picture

HAHAHAHA

Like a true Greek tragedy.

What a level of corruption.

Mon, 03/09/2015 - 22:28 | 5871908 kenny500c
kenny500c's picture

But, but really, she is like a daughter to me, honestly...

Mon, 03/09/2015 - 22:31 | 5871916 Nobodys Safe
Nobodys Safe's picture

It looks like his hunch was accurate. Who could have known?

Mon, 03/09/2015 - 22:58 | 5871974 youngman
youngman's picture

and how many others....

Mon, 03/09/2015 - 22:59 | 5871977 williambanzai7
williambanzai7's picture

"He didn't inhale..."

Mon, 03/09/2015 - 22:59 | 5871978 WTFUD
WTFUD's picture

Papandreou's got away with closer to $550 MILLION if i recall to an a/c in swizzyland in the name of his mother as a golden handshake from Goldman when HE SOLD OUT, and so why has he escaped the inquisition?
Cunt should be in Jail if he returns the pieces of flesh cash or beheaded if refusing.

Come on finance minister person and get your head out of your arse and lock 'em up. Do you hear me YANIS?

Mon, 03/09/2015 - 23:12 | 5872010 Irishcyclist
Irishcyclist's picture

And this was the Minister for Finance that the Troika dealt with to try to get Greece to be compliant. What does that say about the previous Greek government? What does that say about the Troika's ability to size up who they're striking deals with? The troika would treat with a man who'd steal from his own country's treasury. That's what.

It's time to name and shame and prosecute the non compliant Greek tax evaders.

 

Pull the pin Yanis.

 

 

 

Mon, 03/09/2015 - 23:42 | 5872075 FieldingMellish
FieldingMellish's picture

$750K? Kleptocrat laughing stock.

Tue, 03/10/2015 - 04:02 | 5872409 Zero Point
Zero Point's picture

That he was dumb enough to get caught with. I'd say he got more than that out.

 

*Note to self* When laundering cash I've stolen from my own people, DON'T use an HSBC account.

Tue, 03/10/2015 - 11:04 | 5872177 WillyGroper
WillyGroper's picture

is  the closing of HSBC 's 7 gold vaults in London  not worthy news here?

Tue, 03/10/2015 - 00:31 | 5872200 SweetDoug
SweetDoug's picture

'

'

'

Don't be surprised; They're all like that, at the top.

 

After all, they're just like you and me. But you can't blame us little guys, when we have to pull stunts like this, to survive.

 

Certainly not after we get told that the big guys, by their own words, are looking out for us.

 

But you can blame the big guys…

 

When you become a big guy, and you're supposed to look after the little guys, and all you do is screw'em?

 

Well, there'll come a day, when we run short of fresh rope for these $?φ?@†$

 

The Greek people should rush his family home, loot it, and burn it to the ƒµç?¡?? ground.

 

•?•
V-V

Tue, 03/10/2015 - 01:07 | 5872253 Augustus
Augustus's picture

Standard solution of the Ferguson geniuses.

"Burn this Bitch down."

Tue, 03/10/2015 - 08:06 | 5872627 COSMOS
COSMOS's picture

You mean burn these legions down lol

Tue, 03/10/2015 - 04:37 | 5872425 Spiro The Greek
Spiro The Greek's picture

two of my favorite Greek sayyings are:

1.Greece is the only African nation with white people.

2.Greece is the poorest European country with the wealthiest Nations

Hopefully many more like this guy will be exposed and many more will be jailed. We are not violent people, you will never see images of street war with bullets and RPGs coming out of Greece, so this guy is lucky as he will not be shot.

Tue, 03/10/2015 - 04:58 | 5872442 JPMorgan
JPMorgan's picture
"Afraid country would collapse"

You know what... fair enough.

Out of all the bullshit excuses given that is probably close to the truth.

Who the hell would want to have Euro's trapped in Greek bank if and when there was a bank holiday called? 

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