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Guardian: 'It Could Take 100 Years to Raise 50bn' – A Plan Destined to Fail

ellinikonThe British Guardian recently published an article about the new 50-billion-euro fund that will be set up to arrange privatizations in Greece. However, the reporters, Jennifer Ranking and Helena Smith, do not appear optimistic, about the plan, since they wrote about a great fire sale.
Greece needs to sell off €50bn worth of state assets such as airports and marinas quickly as part of its third bailout deal. But is such a plan realistic,” wondered the two reporters.
The article noted that privatizations will play a significant role in Greece’s third bailout deal. The country is set to start negotiating with its European and international creditors over the next days, in order to form a viable plan for the future, and push for debt restructuring.
Under the threat of the Grexit from the Eurozone, Athens agreed to transfer valuable assets to an independent fund, with the aim of raising 50 billion euros. Half of the proceeds will be used to cover capital reserves in Greek banks, one fourth will be used to pay Greece’s creditors, and the remaining amount will be spent on investments that have not yet been clarified.
However, the newspaper stressed that experts in the field of economists fear that the privatization will end up being seen as a fire sale. Political economist Jens Bastian “thinks it was a ‘political mistake’ to set a target to raise 50 billion euros from asset sales, in the absence of support from Greek politicians across the political spectrum, from the center-right New Democracy party, to PASOK on the center-left and SYRIZA on the left,” noted the Guardian.

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