Stathakis: Hellenic Sugar Industry needs refinance deal

Hellenic Sugar Industry needs a new refinance deal to remain alive and there are only two ways to achieve this. Either a bank refinancing or a transfer of state funds with the liquidation of property assets. There is no other way yet discovered,” Economy, Infrastructure, Shipping and Tourism Minister George Stathakis said on Friday.

Speaking in Parliament, responding to a question by communist party deputy Diamanto Manolakou accusing the government of continuing the EU’s monopoly policy leading Greek farmers to extinction, Stathakis referred to accumulated problems inherited by the current government and said that Hellenic Sugar Industry was constantly downgraded, while production price surpassed costs.

“We have made the first move with a share capital increase worth 30 million euros to give time to take all decisions necessary to keep the company afloat. These funds were used to repay debts, while producers received 20 pct. We are giving a battle to keep Hellenic Sugar Industry open. There will be an integrated business plan for the company’s development in the period 2016-2019 and everyone must contribute to promote the necessary changes,” the Greek minister noted.