For sale: Greek infrastructure

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on June 20 2011 2:45 PM
Papandreou
Greece's Prime Minister Papandreou talks to the media after a meeting with European Council President Van Rompuy at the EU Council in Brussels Reuters

Debt-riddled Greece is preparing to sell billions of euros worth of state assets as part of an austerity program meant to quickly raise cash to pay off loans. According to reports, the country will sell state-owned institutions such as highways, banks, airports, real estate and gambling licenses and utility companies.

The austerity measures are prerequisites for Greece to receive a 12-billion euro loan, part of a larger 110-billion euro bailout from the IMF and the Eurozone.

Greece will have to work for a second bailout as well. Eurozone leaders are meeting with new finance minister Evangelos Venizelos in Luxembourg to discuss the possibility of a new monetary injection. The European financiers are again requiring tough economic crackdowns in Athens.

Meanwhile, the country experienced rolling blackouts Monday as workers at the main national power supplier initiated 48-hour strikes to protest its privatization.

The plan is the latest attempt by the Greek government to cut spending. The Greek people have been staging large scale protests and labor strikes to show their disapproval of the plans, which will close 150,000 public sector jobs and affect employee pensions.

 

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