Agreement with the IMF fails. The fate of the pyramid schemes is in the government’s hands. Arrests over Grunasi Pyramid schemes in chaos. The IMF leaves Queues at Sudja; police intervene. The money is frozen until 18 December pages 7-9-10

. A week ago, “Grunjasi” declared bankruptcy by fleeing, burying around 13 million dollars belonging to 30,000 people who had invested in the scheme. Amid the panic, President Berisha told the IMF that Albanians’ money was the cleanest in the world and that the pyramid schemes were guaranteed investments. Parliament agreed to set up an investigative commission into these companies. Sudja managed to promise 170% in five months, but yesterday announced the suspension of its operations. Meanwhile, the number one figure in the Albanian economy, Finance Minister Bode, declared yesterday, like an innocent child: “This is capitalism. Companies go bankrupt too.” Last night, a widow on the steps of Sudja began the funeral for her home, “held hostage” by the pyramid scheme. For several days, the question on everyone’s lips—including those of ordinary citizens—has been: Who’s next? So far, only … How can a government so easily brush aside its citizens’ economic tragedy? And is the government really powerless in the face of what is happening? At last week’s parliamentary session, the finance minister tried to make a cruel mockery of Albanians. He declared that “charitable foundations are not subject to oversight by the Ministry of Finance.” According to this statement, under the law as Bode interprets it, any swindler can set up a charitable company and collect as much money as they want. But Bode is telling a serious and damaging lie. Bode knows very well that charitable organizations, like all other citizens, are required to declare their assets. Under these circumstances, Bode or his predecessors should, in accordance with the law, have asked Sudja, Xhaferri, Populli and all the other charitable organizations to declare their assets. If that had been done, people could have calculated the risk for themselves. But Bode and the state are lying twice over. Where have our ministers ever seen millionaires engaged in charity? One of the clients who was glued to Sudja’s door yesterday had deposited 150 million lekë. Can this man’s greed be considered an act of charity? Second, under Albanian law, charitable organizations are not established for economic gain. Bode and the government know very well that practically no one has received money simply by showing an empty stomach or a body covered in wounds. Bode and the government are lying three times over. At last week’s parliamentary session, Bode also declared that the state does not know the financial situation of pyramid companies because “pyramid schemes are not included in the balance sheet.” Albanian accounting law clearly states that “companies are required to show all income and expenses in their balance sheets.” Regardless of what Bode says today, one thing is clear: when the legal deadline for the pyramid schemes expires, either Bode will sue the managers of the bankrupt companies for “fraudulent accounting,” or citizens will demand their money from the government, accusing it of “failure to enforce the law.” According to economic analysts, around 2 billion dollars have been locked up in pyramid schemes. In which of those stories—the one about Çamëria or the one about Kuwait—did Berisha’s father tell him that 2 billion dollars could become 4, 6 or 8 within a year? In any case, he assured the IMF. But this time, too, the IMF will not pledge its trust to him.

Yesterday at Sudja’s counters Photo: G. SHKULLAKU