€32 million in debts: Grech lays out PN’s financial struggles in General Council

With €32 million in debt and a media house unable to turn a profit, Grech says the PN lacks the cash needed to run a campaign for the European Parliament and local council elections

The Nationalist Party’s financial woes were laid out for all to see by its leader Bernard Grech during his speech at the opening of the party’s leadership election process. 

Grech said that the party is €32 million in debt, and is losing thousands of euros because of its media company Media.link Communications.

“We don’t have the liquidity needed to lead a campaign for the European Parliament and local council elections in two years’ time,” Grech admitted. “Imagine trying to lead a party, trying to strengthen the financials while taking strategic decisions, while being tied down by the financial limitations of the party.”

Grech somewhat suggested that the party might have to consider selling some of its assets to make well for its debts. “Thankfully we have lots of assets [...] No leader wants to sell a każin, no leader wants to leave Dar Ċentrali, no leader wants to give up its media – but if we don’t change into a more sustainable organisation we would be guaranteeing failure.”

The Nationalist Party suffered a historic blow in the last general elections, having lost to the Labour Party by an almost 40,000 vote majority. After each electoral loss the party is mandated by its statute to hold an internal leadership election, resulting in three leadership changes since it was voted out of government in 2013. 

Sunday’s general council kicked off the fourth leadership change since then.

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However, Grech posited that the Nationalist Party’s problem was never its leader. “Changes in leadership over the past years brought with them the same electoral results. This confirms that the problem isn’t just about changing the man or woman at the top.”

Grech hinted that the PN’s problem is more of a managerial one. “How can we promise to better manage public funds if we can’t manage our finances better. How can we attract talent if people don’t believe in our capacity to implement things.”

But he also insisted that people need to put the party first, and themselves second. “Now’s the time for all of us to put ourselves in the back seat and place the community and the party at the forefront.”