May 23, 2011
The Greek government has said it will begin to sell stakes in a number of domestic corporations "immediately" in order to raise cash to help reduce its massive debts.
These include stakes in the telecoms firm OTE, state-owned Postbank and the ports of Athens and Thessaloniki.
Earlier, European stock markets fell, partly due to continuing fears about a possible debt restructuring in Greece.
Weak eurozone economic data also hit investor sentiment.
"The cabinet decided to proceed immediately with the sale of stakes in OTE, the Postbank, the Athens and Thessaloniki ports and the Thessaloniki water company in order to front-load its ambitious privatisation programme," said Greek Finance Minister George Papaconstantinou.
"To accelerate the process, the creation of a sovereign wealth fund composed of privatisation and real-estate assets was also decided."
He added that the government was "determined to continue and accelerate" plans to cut the country's debt.
More
No comments:
Post a Comment