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GreekReporter.comBusinessGreece Completes Piraeus Port Sale Terms

Greece Completes Piraeus Port Sale Terms

Piraeus PortGreece has completed work on terms for an invitation to investors to express interest in a 67% stake in Piraeus Port Authority.
Minister of shipping and the Aegean, said in a statement yesterday that the terms will be presented to the Greek Parliament “in the coming days and the sales process can begin 52 days afterward.
Greece’s asset-sales program, Europe’s largest, is aiming to raise 11 billion euros ($15 billion) by 2016, revised down from the 50 billion euros by 2015 originally agreed to under the country’s first international loan deal in 2010. The Hellenic Republic Asset Development Fund is targeting 450 million euros in 2014 from the stake sale in Piraeus Port and from the development of Thessaloniki Port, Varvitsiotis said.
Miltiades Varvitsiotis, added that HRADF targets to raise EUR 450mn in 2014 from the stake sale in Piraeus Port and from the development of Thessaloniki Port.
Thessaloniki is a “different case” than Piraeus, as the port is “in the heart of the city and its exploitation must be based around that,” Varvitsiotis said. “The model for development hasn’t been decided yet, but the aim is to complete whatever method is chosen in 2014 as Thessaloniki can’t lose another wager for growth.” Greece currently holds a 74 percent stake in both Piraeus and Thessaloniki Port Authorities.

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