Thursday, May 12, 2011

Greece launches massive fire sale to service growing debt

From The Daily Mail:

Marinas, casinos and former Olympic venues could be up for grabs after Greece announced a massive fire sale to help service its debt.

The Greek government said it was putting vast areas of state-owned land on the market to raise £44billion in the next four years.

Nationalised companies could also be privatised to help raise the necessary capital to ensure it does not default on debt payments.

It comes after intense pressure from Britain and other creditors to act to prevent debt restructuring that could have widespread effects across Europe.

British Chancellor George Osborne told The Times: 'The issue for Greece is whether it lives up to its commitments.'

Officials have said there is a political drive to ensure Greece can service its debt after a 110billion euro bailout by the EU and IMF last year.

A general strike held today has seen most public services grind to a halt across the country, while thousands marched through Athens to protest against harsh austerity measures.

The socialist government is planning to pass further cutbacks aimed at saving an estimated 23billion euros. Read more: http://www.dailymail.co.uk/news/article-1385900/Greek-debt-Greece-launches-massive-sale-riot-police-clash-protesters.html#ixzz1M59Bk3gl

No comments:

Post a Comment