SYRIZA Sources on Avgi Newspaper’s Financial Woes

January 13, 2022

ATHENS – SYRIZA-Progressive Alliance has “managed its finances well, does not owe a single euro to banks or anywhere else,” the main opposition party said on Wednesday, responding to comments about Avgi newspaper’s end of publication in paper format.

SYRIZA sources castigated what they described as comments of glee by government-friendly media at the historic leftist newspaper’s financial difficulties. Plans call for Avgi to continue to publish its online version and focus on printing its weekend (Sunday) edition in paper, party sources said.

The sources said that unlike government-friendly media, “which have been surviving on every sort of favoritism lists, underhanded funding, and unsecured bank loans – which are occasionally written off by governmental interventions” end end up burdening taxpayers, Syriza “has been trying for years now to improve the economic state of Avghi, which along with the Sto Kokkino radio station absorb 72% of the state party subsidy to Syriza-Progressive Alliance.”

In explaining the situation, the party sources said that, according to certified accountants’ reports, Avghi had essentially defaulted in 2018 and was relying on Syriza to survive, “absorbing 2 million euros annually, with constantly reduced advertising revenue, while things took a worse downturn during the last two years of the pandemic.”

They cited also the steep rise in printing paper as of January 1, 2022, the drop in revenues overall, and the disappointing response to “an extremely generous plan of voluntary redundancy for employees at Avgi, that called for the immediate payment of 28 months worth of salaries and full payment of any older outstanding debts.”

However, Syriza’s sources said, only 14 employees signed on for the severance plan, which was not enough, and which raised the risk of the daily newspaper’s full shutdown. Alternatively, they said, the party leadership and the newspaper’s board of directors will be forced to consider the option of temporarily suspending the publication of the daily issue.

“Maintaining and boosting Avgi’s voice, especially in the complex and dystopian media environment established by the Mitsotakis government, is not just an issue of historicity, but one of democracy as well,” the party sources noted.


ATHENS - Prime Minister Kyriakos Mitsotakis called on the voters to send a message of stability in the European Parliament elections on June 9, noting that the country has a stable four-year government and that political instability is "the last thing it needs".

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Sour Patch Kids Oreos? Peeps Pepsi? What’s Behind the Weird Flavors Popping Up on Store Shelves

Van Leeuwen Ice Cream usually draws customers with gourmet takes on classics like vanilla and pistachio.

WASHINGTON  — As president, Donald Trump imposed a 25% tariff on foreign steel, which hurt Clips & Clamps Industries, a Michigan auto supplier — raising its materials prices, making it harder to compete with overseas rivals and costing it several contracts.

NEW YORK  — Donald Trump’s legal team rested its case Tuesday in his hush money trial after calling just two witnesses and opting not to have the former president take the stand in his own defense.

Artificial Intelligence will provide us with one surprise – hopefully mainly good ones – after another far into the future, but for some people, especially writers and readers of science fiction, some of the news will be old news.

NEW YORK – Effie Lazaridou, CEO of New Agriculture New Generation (NANG), spoke with The National Herald about the organization which she has led since it began in 2018 and which aims to create employment and entrepreneurship opportunities for young people in the agrifood industry in Greece.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.