The cap on profit margins is a strict and harsh measure, which is not a permanent solution, but was implemented to address profiteering during a difficult period for households, emphasized Development Minister Takis Theodorikakos, speaking on ANT1’s “Good Morning Greece” program .
As he explained,“some are exploiting the indeed significant inflationary pressure, caused by the war in the Middle East, to secure excessive profit margins.” He noted that such a measure is outside the New Democracy party’s ideology regarding a free market and added:“We do not want it to be permanent, because we want there to be normal, healthy competition and for the market to function properly.”
He emphasized that a large segment of Greek society is struggling and finding it difficult to make ends meet, noting that the country has been hit by the global wave of price hikes following a decade of crisis and with wages already reduced.“The most important thing we need to do is build a more productive economy so that there are better wages. The problem cannot be addressed any other way,”he emphasized.
Continuing, he referred to the creation of the Independent Authority for Market Surveillance and Consumer Protection, describing it as a“major reform that will stand the test of time.” In this context, he highlighted the €3 million fine imposed on a major multinational company for violating the cap on gross profit margins across 48 product codes, emphasizing that the fines imposed are paid.“The message to the market is clear. Multinationals cannot, in a period of such difficulty and inflationary pressure, sell with profit margins in the range of 100% and 120%,”he said.
Takis Theodorikakos emphasized that next week the Independent Authority will launch the new “PosoKanei” app, through which consumers will be able to check online, at any time, how much a product or a package of products costs at every supermarket, as well as how much it costs in other European countries.“Everyone will see what the reality is,”he noted characteristically.
Finally, responding to a question about Antonis Samaras, the Minister of Development noted that“Mr. Samaras is obviously not far-right,”recalling that he was the leader of New Democracy and the country’s prime minister, collaborated with PASOK and the Left in a three-party government, appointed Kyriakos Mitsotakis as a minister for the first time, and“sent Golden Dawn to prison”.
Referring to the possibility of the former prime minister forming a new party,hestated:“Mr. Samaras should not form a party. He must reflect on his entire career and history and contribute to the unity of the broad popular movement of New Democracy.”