Financial Times
May 11, 2011
Greece has far more potential than other countries to use privatisation to win back investor confidence, with current sales plans amounting to less than a fifth of possible asset disposals, according to a senior International Monetary Fund official.
Antonio Borges, director of the IMF’s European department, said the crisis-hit eurozone country had an “extraordinary portfolio” of assets.
Privatisation would have crucial confidence effects, as well as helping cut debt, he said. “As soon as it starts, it provides an additional element of credibility.”
With financial markets fearing a debt restructuring, eurozone policymakers have focused increasingly on privatisation as an escape route for Greece. Revenue raised could be used to reduce the amount of additional help needed under a revised bail-out plan.
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