Editorial: Free market or cartel?

The forays of the Greek Competition Commission at Greek banks startled everyone.

That is because it was unexpected, professionally organised by 120 investigators who operated strictly within the framework of the law, and above all it was carried out discreetly as befits an independent authority that acts with self-respect.

Δρακόντεια μέτρα της ΕΛ.ΑΣ. για το Πολυτεχνείο - Φόβοι για μπαράζ επιθέσεων από αντιεξουσιαστές

All sides confirm that the investigators immediately revealed their identity and kindly requested of bank presidents, CEOs, and commercial departments' officials to allow them access to their offices without disturbing anything in the least.

To those who raised objections on the grounds of a violation of private data the investigators responded that they are bound by a confidentiality agreement.

They stated clearly that their investigation was limited to seeking out sufficient information to determine the possible implementation of cartel practices in setting hikes on a host of commissions recently implemented en masse by bank managements.

For that reason there was a search for documents and data and printed or electronic correspondence over the last two years as well as personal diaries and notepads and whatever else could add data and material for the investigation.

At some point in response to the persistent questions of bank officials the investigators made clear that the en masse increases in commissions on bank transactions appeared to be coordinated and organised and that this is what drew their interest.

They suggested that the move by the banks was not in line with a competitive market and created the impression that there is a cartel.

Overall the operation proceeded smoothly without tensions...

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