Starting today, Greek government proceeds with the implementation of its privatization program regarding the sale of government stakes in banks, as well as of state-owned companies and public property in an effort to earn more than 7 billion euro in the next three years.
Last night the convocation of the Interministerial Committee for Asset Restructuring and Privatization was announced. The council of economic advisors under the Minister of Finance, Giorgos Papakonstantinou is part of the committee, which is already underway.
The agenda includes the recruitment of financial advisors to implement the privatizations that the government will officially announce in the coming days and the consideration of the plan for state property. Officials state that government wants to raise its target for 2011 by over 1 billion.
Concession contracts will proceed as soon as the markets allow the sale of state’s stake in Hellenic Postbank and Attica Bank.
As reported, Greek government’s promise made to Troika at The International Fair of Thessalonica regarding the break of state’s banking sector has been severely criticized.
The government is expected to start with some regional projects, but under the Memorandum, has to announce the entire privatization program by the end of the year.
Additionally, the Greek government has committed to long-term concessions for regional airports and ports and toll of Egnatia SA. It has also been announced a revenue of 750 million euro from licensing of betting and taxes on companies’ profits.
As government’s promise for privatization didn’t apply to 2010, the sale of 2 Airbuses is expected in early 2011. The same applies to the sale of a minority stake in Mount Parnes Casino, with expected revenues of 150 million euro.
The extension of Athens International Airport’s management by the German Hochtief, the privatization of TRAINOSE and Public Gas Corporation are considered as certain.
Government’s plan about its majority stake in Public Power Corporation and its stake in Hellenic Communications is still unknown. At the moment, the government sticks with the cost-cutting plans in these companies.
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