Greece’s former finance minister should be prosecuted, lawmakers say

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July 20, 2013 by apicomely

Former socialist Finance minister George Papaconstantinou at the Greek Parliament in Athens on January 17, 2013.

In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three. Seventeen deputies were absent. Addressing lawmakers before the vote, Papaconstantinou denied wrongdoing and said he was being targeted “for one simple reason, being the finance minister who put the country in the bailout process.” A council of judges will convene, probably later this week, to decide whether Papaconstantinou should face the criminal charges outlined in Parliament. While it is not illegal to hold a Swiss bank account, and there is no evidence that anyone broke the law, suspicions are high in Greece that some of those named in the list may have opened the accounts to avoid paying taxes to the Greek state. A parliamentary committee was set up last year to look into why no investigation was carried out under either Papaconstantinou or his successor as finance minister, Evangelos Venizelos.

Draft G20 finance ministers communique

The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows. The country’s Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows. Anwar added the central bank is also at an “advanced stage” of issuing a detailed sharia governance framework, which would outline roles for directors, management and sharia boards.

Pakistan launches media campaign to boost Islamic finance

An investor, with henna-dyed hair, monitors an electronic board displaying stock prices at Karachi Stock Exchange July 16, 2010. REUTERS/Akhtar Soomro/Files

To this end, we have reviewed our structural reforms agenda and agreed to address the gaps in our commitments with reforms that clearly contribute to our collective objectives of strong, sustainable and balanced growth. 4. Achieving a stronger and sustainable recovery and fiscal sustainability in advanced economies remains critical. As agreed we are making progress in developing credible, country specific and ambitious medium-term fiscal strategies for the St. Petersburg Summit.


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