Posted on Saturday, 10 September 2011 by zhoe blesinki
Indonesia, when ‘rescued ' by IMF in times of crisis 'forced ' to sell assets through privatization. The same way will now be carried out by Greece, which will speed up asset sales under the European Union and IMF monitoring.
The Greek government intends to accelerate the implementation of the privatization plan, by transferring a number of state assets to privatization fund in the first phase.
Greek Finance Minister, Evangelos Venizelos said, the transfer will begin as early as Wednesday, and the privatization funds assigned to negotiate the sale of the state assets in energy companies Depa and Helpe immediately.
Venizelos added that the first wave of privatization also includes an extension of Athens airport operating concessions, permits sports betting company OPAP and the new mobile phone operator license.
“The assets will be transferred tomorrow to the state-owned funds and the same will be done so that the program completion rate can be fast,” Venizelos told AFP on Wednesday (07/09/2011).
He was speaking after a cabinet meeting held due to Greek pressure from its partners in European and international institutions to increase efforts to stabilize its finances. The pressure came after Greece in claims last week could not meet the deficit target of trimming.
The Greek government intends to privatize and lease its assets worth 50 billion Euros, equivalent to U.S. $ 70 billion in 2015, as an effort to reduce debt is now equivalent to spending 1.5 years. Venizelos believes Greece will be able to meet the target of privatization, by obtaining 5 billion euro this year.
The EU and IMF, which has provided bailouts to 110 billion Euros or about U.S. $ 154 billion, will oversee Greek privatization program. Privatization programs should be initiated in the last month, but so far Greek only sell stake in telecommunications operator to Deutsche Telekom. In an ambitious privatization plan, Greece intends to sell the ports, postal services, electric power companies and banks
Category Article Business, Finance
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