New Democracy firing staff as it slashes its expenses

New Democracy has begun firing staff from its party headquarters on Syngrou Avenue in Athens as it tries to rein in its spending.

Kathimerini understands that 10 members of staff lost their jobs last week and that another 50 to 60 may leave in the coming months. Some will be offered voluntary redundancy, while others will be fired.

New Democracy owes around 140 million euros to banks and suppliers and has cut its budget in half compared to two years ago.

Sources said that staff are being paid with one month delay, while payments to employees working at the Constantine Karamanlis Institute for Democracy, which the party also funds, are two months behind.

Amid rising debts and reduced state funding, coalition partner PASOK has also slashed its spending.

It now has just 10 permanent staff compared to about 150 five years ago.