Greece’s Ionian Islets First to Go Under Privatization

While Greeks are struggling with major financial problems, some international investors have found the perfect moment to buy a small part of heaven in the crystal clear waters of the Ionian Sea and the Ambracian Gulf.

The islet Pera Nissi in the Ambracian Gulf close to Preveza, as well as the Aghios Nikolaos and Alexandros islets close to Lefkada will soon be sold to unknown buyers, Greek media have reported, along with the Kythros islet opposite Meganissi (Lefkada) and the Mavro Oros and Bella Vraka, that will soon go on the block too.

The financial newspaper Euro2day reported that, “Kaltsonissi in Paxi island has already been handed to a big Cypriot company called Roundview Holdings Limited, while Turkish businessman Fikret Inan has expressed his wish to buy the Vouvalos island in the Ambracian Gulf, located few miles away from Preveza in order to build hotels and villas.”

Greece is under intense pressure from international lenders to speed the pace of privatizing state entities as well as selling or leasing state properties to reduce its staggering debt, of almost $460 billion, and meet fiscal targets to reduce its deficit. Prime Minister Antonis Samaras said the country will dispose of islands it feels could be developed to bring in additional revenues.



  1. I support privatization but any islands sold to private interests must only be on condition of development and that they remain part of  Greece’s justification.  Its fine for Turkish interests to buy a Greek island but it must be explicitly on written condition it not be manipulated into neo-collonialism (i.e. they remain Greek islands not Islands of some other country)

  2.  The selling of the islands, is just like the selling of any piece of land in Greece. It remains under Greek territory, it obeys the Greek laws, and so on.
    Of course, it is possible to give up land to another state, but that is not the case here.

  3. I think Samaras also should make it point to offer the best deals to people who will develop in ways beyond low paying tourism jobs.(e.g. encourage companies like Volkswagen, intel, etc.. to open some facilities in Greece with land and tax incentives)

  4. The Ionian islands have some of the most beautiful scenery – much plant life and nice beaches. Now people are going to pour concrete over these. All of this could have been avoided if Greece just defaulted as will likely happen in the future, and leave the Eurozone (not the European Union) .