Who is DEPA Fooling?
–How the Greek taxpayer is becoming a “financial lifeline” for the Americans and Trump’s friends
While the management of DEPA Commercial celebrates “national successes” and “energy independence” in its press releases, a dangerous game is being played behind closed doors at the expense of the Greek people. The reality is blunt: DEPA, a state-owned company, is being turned into a “lifeboat” for an American company (Venture Global) that is currently sinking under debt and legal battles.
The “trick” with American gas and the rescue of a debt-ridden company
We are told about the “Vertical Corridor” and the transport of gas to Europe. What they aren’t saying is that this deal was signed to save Venture Global, a U.S. company in the midst of a deep crisis. Its stock has collapsed, it owes billions, and investors are abandoning ship.
And here the question arises: Why must Greece become the “shield” for a troubled American business? DEPA has committed to a 20-year contract to buy gas, providing the American company with the guaranteed revenue it needs to avoid bankruptcy. This is a scandalous choice that loads the Greek citizen with risk just so American shareholders can sleep soundly.
And here the question arises: Why must Greece become the “shield” for a troubled American business? DEPA has committed to a 20-year contract to buy gas, providing the American company with the guaranteed revenue it needs to avoid bankruptcy. This is a scandalous choice that loads the Greek citizen with risk just so American shareholders can sleep soundly.
Games with Trump and the “select” donors
Venture Global is no random company. Its owners are among Donald Trump’s largest financial backers, having donated millions of dollars toward his election. These are the same people who frequent Mar-a-Lago seeking “favors” in the energy sector. It appears that DEPA has become a “cog” in an international political trade-off, where Trump’s friends are rewarded and the Greek taxpayer is called to foot the bill.
Mr. Xifaras and State Guarantees: Who are you serving?
The most infuriating part is the guarantees. In a consortium (Atlantic-SEE) that includes a private partner, DEPA—and by extension, the State—appears to be assuming all the risk. DEPA signs the contracts, DEPA provides the bank guarantees, and DEPA is obligated to pay even if the gas is never sold.
The responsibility here has a specific name: Konstantinos Xifaras. The CEO of DEPA owes clear answers:
Why is DEPA assuming all obligations and financial guarantees, leaving the private partner completely shielded?
What interests are served by this unilateral exposure to billions of dollars in risk?
To whom will Mr. Xifaras answer when prices fall or the deal goes south, and the resulting “black hole” has to be filled by the pockets of ordinary citizens?
Time for Accountability
Energy, which already costs “its weight in gold” for the Greek household, cannot be used as a tool for executives to do PR with American tycoons. The Greek taxpayer is neither a guarantor for Venture Global’s debts nor a financier for Trump’s friends.
Mr. Xifaras and the DEPA management will soon be confronted with reality: When the financial damage hits the public coffers, “diplomatic successes” will not be enough to save them from being held accountable to the people.
