Yanis Varoufakis Political Party Loses Access to Bank Account
by Bill Giannopoulos · Greek City TimesThe European political movement co-founded by former Greek finance minister Yanis Varoufakis says a Belgian bank abruptly closed its account, leaving the organisation unable to access tens of thousands of euros in donations.
The Democracy in Europe Movement 2025 (DiEM25) said the account was closed without warning on October 8, disrupting its ability to receive regular contributions from supporters and meet its operating costs.
The organisation has not identified the bank, citing legal reasons. However, DiEM25 spokesperson Erik Edman confirmed that the account was held in Belgium.
Edman told Novara Media that the movement had requested an explanation and asked the bank to extend access to its funds, but both requests were rejected.
Read more: Varoufakis Draws Fury in Greece Over Remarks to Turkish State TV
According to Edman, the bank refused to explain its decision.
DiEM25 said it could not establish whether the closure was politically motivated. However, Edman claimed the organisation had heard from other groups in Belgium about what he described as a concerning pattern of progressive political organisations experiencing similar banking restrictions.
DiEM25 warns of financial disruption
The closed account held donations from supporters, many of whom made small monthly contributions to the movement.
DiEM25 has two employees and maintains an office in Belgium. The loss of access to its funds has raised concerns about its ability to pay staff salaries, social security contributions and office rent.
The organisation has launched an emergency fundraising campaign to cover immediate expenses while searching for a replacement banking provider in Belgium.
Varoufakis questions bank’s decision
Varoufakis, who serves as DiEM25’s secretary-general, addressed the closure in a video statement, questioning the reasons behind the bank’s decision.
He suggested the movement’s political positions could have played a role, referring to its criticism of powerful economic interests and its stance on the war in Gaza. However, no evidence has been presented establishing a political motive for the account closure.
Varoufakis founded DiEM25 in 2016 alongside Croatian philosopher and political activist Srećko Horvat.
The movement describes itself as a pan-European political initiative advocating democratic reform across the European Union. It has approximately 192,000 members and maintains political organisations in several European countries, including Germany, Italy, the Netherlands and Greece.
Varoufakis and Greece’s political landscape
Varoufakis served as Greece’s finance minister in 2015 during the country’s debt crisis and negotiations with international creditors.
He later entered parliament as a representative of MeRA25, DiEM25’s Greek political movement, serving from 2019 to 2023.
In February 2026, Varoufakis was indicted in Greece following comments made on a podcast about taking ecstasy more than 36 years earlier while in Australia.
MeRA25 criticised the prosecution, describing it as politically motivated and accusing the Greek judiciary of targeting political opponents.
The latest banking dispute adds another challenge for the movement as it attempts to maintain its operations and fundraising activities across Europe.
Source: Novara Media.
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