The SYRIZA economic plan is a disaster, said Capital fund representative Joerg Sponer, after the meeting of SYRIZA MPs Giorgos Stathakis and Yiannis Milios with 35 international banks and hedge funds in London. Bank of America/Merill Lynch followed shortly after calling the economic program of the opposition party a “tragedy.” Yiannis Milios replied that foreign funds have changed their attitude towards SYRIZA because they know that the party will be the next Greek government. Bank of America/Merill Lynch included the conclusions of that meeting to its latest newsletter. The BoA/Merrill Lynch report says that the SYRIZA MPs were certain that they will either form an autonomous government or will cooperate with PASOK or To Potami. The bank calls the SYRIZA economic plan a “tragedy” that will have dramatic effects in the next few months. The report says that SYRIZA expects that the EU will “forgive” Greece and erase the biggest part of the sovereign debt, the ECB will move the Greek bonds on hand and buy more. At the same time, the leftist party has no Plan B in case Greece’s creditors disagree. The question lingers of how it’s possible for the Central European Bank to accept the SYRIZA positions when the party refuses to accept the required measures and reforms of the bailout program. The report says that Greece will become “an example to avoid” for the rest of Europe if SYRIZA wins the elections. The Capital fund representative reported that after the meeting “everybody wants to sell everything in Greece” and that the SYRIZA plan is “worse than Communism.” This according to an email Joerg Sponer sent to his clients and somehow was leaked to the press. He talks about a “Cypriot scenario — massive run on deposits, corporate clients moving everything they can abroad and a complete stop of FDI/investments.” The email ridicules the SYRIZA economic program and the expectations of the party’s representatives that the ECB will buy the entire Greek debt for 60 years similar to Germany’s debt cut by 62 percent back in 1952. He goes further to ridicule SYRIZA’s plan to provide food, shelter, health care and free electricity to those in need. Yiannis Milios responded to the reports and claimed that he doesn’t remember Sponer being at the meetings. The SYRIZA MP said that foreign financial institutions have changed their attitude towards SYRIZA now that they know the party is government in waiting. He said that during the 2012 elections, they were more aggressive; now they are more neutral. “They know that SYRIZA will win the elections and they feel they should do something about it,” Milios said and added that the party will remain true to its economic program.
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