With Trump going after billionaire-funded media in America, and Italy facing probes over its banking-system-controlled media, it is perhaps no surprise that yet another generally corrupt nation - Greece - is facing a parliamentary committee investigation into spuriously large 'bank loans' and highly-concentrated advertising spend made to various political parties and media groups in 2015.
The Parliamentary Inquiry Commission decided on Wednesday to investigate the advertising expenditure of Greek banks to the media over a period of the last 10 years. As KeepTalking Greece reports, the Commission investigates in general the legality of bank loans to political parties as well as loans to mass media groups. The extension of mandate to investigate also the bank advertisement to media was submitted by SYRIZA MP Annetta Kavvadia, a former journalist.
According to Kavvadia, “70% of the bank advertising expenditure was distributed among five media and media groups in 2015″ and that the citizens had a right to know that while the banks were stopping loans to Small & Medium Enterprises they were profusely posting ads in the same media that had taken loans from them.”
">“It is interesting to see what amounts of money were given by the banks to particular media companies that allegedly had taken loans form the same banks and were unable to service these loans, ” Kavvadia said.
">New Democracy representative at the Committee rejected Kavvadias’ proposal claiming that it went beyond the Committee’s mandate and did not support the proposal.
">The representatives of SYRIZA, Independent Greeks, Golden Dawn, KKE, Centrists’ Union, voted in favor, GD asked an investigation ever since 2002. PASOK and To Potami voted “present”.
The Comm
">ittee decided unanimously to give a deadline to banks until the end of May in order to provide data for the repayment of loans in euros by the media as well as data about loans to regional press.
">The Committee Chairman said that “we
">will investigate whether the requirements of advertising rules were met the bank had also another relation (loan) with the media.”
Last month, four Greek systemic banks had published their expenditure on advertisement for 2015. Yes, it was striking to see that certain media groups had received large amount of money, something like half a million euro by one bank over the period of one year.
Will the Parliamentary Committee be able to shed a light into dark corridors of the famous Greek political and media scene?
The general rule was that political parties would give as guarantee for the loans the funding they would receive from the state. Too bad, the economic crash since 2010 brought the political system upside down. As for the big “systemic” media groups, well… they often got new loans in order to help them pay back their old loans and they sank in debts as Greece with the bailouts.
Excerpt from Giorgos Pleios Interview about “The Greek media, the oligarchs and the new Media Law.”
Greece is one of those countries in southern Europe where there is a close relationship and interdependence between media and political power – economic as well as political- both on an institutional and an ideological level. The model describing the relationship between mass media, the state and political elites is that of vested interests as often described in the political discourse and scientific research. This practically means that mass media owners in Greece – also owners of other businesses (eg construction and shipping companies, new technologies and health services firms, etc.) tend to provide political support to political parties, especially those at power or likely to form a new government.
On the other hand, the political parties in Greece tend to provide financial and administrative support to media owners and the companies owned by the so called “oligarchs”, in exchange for their political support. This is done through the assignment of public works (i.e roads and government buildings construction etc.) as well as government advertising, public property management, etc at scandalously profitable terms and in return for political support.”
George Pleios is Head of the Department of Communication and Media Studies at the National and Kapodestrian University of Athens.
full interview in English here.
Odd that all the media that received the large amounts of advertisement were also pro Bailout- and Austerity-supporters ever since 2010. Odd? Hardly…