Mitsotakis pledges to slash spending at New Democracy

New Democracy leader Kyriakos Mitsotakis pledged on Thursday to put the party’s finances “in order.”

The conservative chief held a news conference to announce that he would be slashing spending at ND so it could meet its debt obligations.

He said the party currently owes 214 million euros, mainly in bank loans. New Democracy’s annual spending stands at 8.2 million euros, while its revenues for this year are seen at 4.2 million.

“Sixty percent of revenues go towards paying off debt, which leaves 1.8 million euros to cover annual expenditure,” he said. “New Democracy has to adjust to this new reality.”