Nikos Androulakis’s speech in parliament on the bill concerning private debt turned into a head-to-head with Finance Minister Kyriakos Pierrakakis.
It was telling that when the PASOK president again presented his party’s proposal for 120 instalments and protection of the primary residence, Mr Pierrakakis replied: “You’ve turned into Lafazanis types to try to outflank Mr Tsipras on the left.”
Mr Androulakis responded: “So now we’re Lafazanis types, but you were the ones who tried to push the country towards the drachma in 2009 and 2012.”
In his speech, the PASOK president accused the government of lacking empathy for “what businesses and families are going through”, and outlined the central idea behind Article 23 of the bill, which the government withdrew after strong opposition.
“You were giving funds and servicers the power to decide who was a creditworthy borrower, rather than leaving that to the Greek judiciary. And you object when we call you heartless?”, Mr Androulakis said.
Citing figures on the government’s record over the past 7.5 years, he said there were 4,500 foreclosure auctions in 2021, rising to 25,500 in 2025. “Where were you for those 7.5 years? Have you only just discovered private debt? Five months before the election?”, he asked. He made clear that PASOK would vote for individual provisions of the bill that it supported, such as the fixed 3% interest rate for settlements through the out-of-court mechanism.
At the same time, he urged the government to vote in favour of the amendment his party had tabled on 120 instalments.
“Your proposals would break the bank,” Mr Pierrakakis countered, stressing that “Greece paid a heavy price when easy promises were economic policy.”
The finance minister said PASOK’s proposal required citizens to go bankrupt to protect their homes, whereas the government gave them the option of doing so through the out-of-court mechanism.
“Under your proposal, why would anyone keep paying their loans, and why would there be any bank lending?”, Mr Pierrakakis added, noting that the 120 instalments provided for in the bill also applied to the middle class.
Why not cut VAT on food too?
A dispute also arose over the minister’s announcement of a VAT cut on period products.
“We called for zero VAT on menstrual products, you refused, and today you’ve brought in a cut. So a VAT cut can be passed on in the price of these products, while you say that for food the cut cannot be passed on to consumers?”, Mr Androulakis said.
“When choosing between a cut in direct or indirect taxes, which is preferable, given that Bank of Greece governor Mr Stournaras has explained that only a small share of the cut reaches consumers?”, Mr Pierrakakis replied.
He concluded: “I belong to a political camp that looks to the future, not the past. You are fighting for second place, while Mitsotakis is heading for a third term.”
“Political change means turning the page, dignity and transparency,” Mr Androulakis replied.