Monday, May 30, 2011

The Greek government sells its enterprises


Meeting of State Greek to reduce its deficit; the state is ready to sell his shares in the postal bank, telecommunications companies and ports, hoping to draw 50 billion Euros in the next 4 years.

Greece, no longer have much choice, is forced to implement austerity measures in order to reach 7.5% deficit. Wanting to warn the country, the rating agency Fitch has dropped three notches the rating of debt in the long term.

Being aware of the impatience of the international creditors, the Greek Finance Minister George Papaconstantinou last week at the end of the meeting of the Government, has announced the first round of privatization. State actions within the telecommunications operator OTE and the Postal Bank, valued at 16% and 34%, will be sold to the highest bidders by the end of the year. All this announced without considering management companies in the ports of Athens and Thessaloniki, with state holdings amounting to 75% and 74% of capital, which they also will be sold.