Lenders have set RAE independence condition at talks, sources say

The country’s creditors set conditions to secure the financial and entrepreneurial independence of RAE, the Regulatory Authority for Energy, in their negotiations with Greek officials, according to energypress sources.

This effectively means RAE will be permitted to recruit staff without taking into account bailout restrictions imposed on state-linked companies, while the authority will also have the power to determine salary levels as it sees fit, without regard to the overall remuneration package imposed on enterprises with state interests.

The reasoning of the lenders is based on the fact that RAE maintains its own independent budget, is not funded by the state, and, even so, until now, has been supervised by the state treasury.

The sources noted that local officials are not opposed to the prospect of RAE operating independently, but are confronting the issue with great caution as they want to avoid any moves that could prompt a new round of talks concerning work and pay matters at other enterprises with state links.