Two historic Greek newspapers, including the countryâs best-selling daily, will cease publication, the debt-ridden Lambrakis Press Group announced on Saturday.
âTo Vima weekly and Ta Nea daily are forced to cease their publication within days due to financial reasons,â the company said in a statement.
Lambrakis Press Group (DOL) âis lacking any available resources and as a result it canât support the printing of its newspapers and, of course, canât ensure the unhampered operation of the other media outlets it owns,â it added.
Besides the two newspapers DOL owns numerous magazines, news sites and the Vima FM radio.
DOL failed to pay its â¬99m (Â£84m) debt obligations in December, Antonis Karakoussis, director of the Vima newspaper and Vima FM radio said on Wednesday.
He added that this situation was the result of the economic crisis Greece has faced since 2010 which has already led to the closure of many media outlets.
In Saturdayâs statement DOL accused the creditor banks of putting the press group in a special management regime without providing for the continuation of its publications.
DOL says the creditor banks are withholding all its earnings âwhether these come from newspaper sales or from advertisementsâ.
Lambrakis Press Group, one of the shareholders of the Mega Channel TV station that is also heavily indebted, has also faced legal turmoil over the past months, with its president, Stavros Psycharis, being prosecuted for tax evasion and money laundering.
With its particularly critical stance against Greeceâs leftist prime minister Alexis Tsipras, DOL has been, along with other Greek media moguls, the target of the governmentâs effort to âreestablish transparencyâ in what it calls a sector âof oligarchsâ.
DOLâs statement added that âthe employees, those that have served and are serving the values of free journalism, keep and will keep fighting for the rescue of the Press group, of the historic newspapers and its other publicationsâ.