Spending cuts and higher taxes haven’t improved the debt situation in Greece, so the last best hope is asset sales by the government.
Details of these sales are starting to come public.
Kathimerini has an overview of the initial sales:
- A stake in state-controlled telecom firm OTE Telecom
- A stake in state-controlled Hellenic Postbacnk
- A 17% stake in power company PPC.
- A reduction in holdings in ports Piraeus and Thessaloniki.
- Holdings in Thessaloniki water company (EYATH).
All told, the country is looking to raise some 50 billion euros in the process, but top EU official Olli Rehn is already casting doubt on that number, saying he doesn’t think its possible to raise that much money through sales.