The Greek government has been and still is in bed with the financial terrorists.
Is there a solution for the people of Greece that will put an end to the endless rape of its assets by the elitists?
– Greece’s Cabinet Approves Asset Sales (Bloomberg, May 23, 2011):
Greece’s Cabinet endorsed another package of spending cuts and state asset sales after the worsening bond-market selloff across the euro region forced the government to step up austerity measures.
Finance Minister George Papaconstantinou is seeking financial advisers to sell stakes in Hellenic Telecommunications Organization SA, Public Power Corp SA and a number of other companies, according to an e-mailed statement in Athens today. The government also approved revenue and spending measures to reach its 2011 deficit target after falling short of its tax collection goals.
– Here’s What’s For Sale In The Great Greek Yard Sale (Business Insider, May 23, 2011):
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.