Greek government is preparing the first package of property exploitation and a more comprehensive privatization program as well, so that the tenders could be started by the summer.
The government aims to proceed with immediate announcements, stating that there is no intension for a sale out. The privatization list, announced in December, will be more specific and extended, while infrastructure and property –mainly Elliniko area- will under study as they will be included in the fast track scheme.
However, there are several points that need to be clarified, especially banks (Agricultural Bank of Greece, Hellenic Postbank, and Loan and Consignment Fund) as there is a relevant commitment in the Memorandum signed by Greece and EU/IMF/ECB.
Troika called for privatizations of EUR50bn by 2015, of which EUR15bn should be implemented in the next two years. Finance Minister Giorgos Papakonstantinou provided a more detailed explanation in the parliament about the privatization program on Wednesday.
He said that the EUR50bn program is not included in the Memorandum as it extends 2013 when the reform program ends, while privatization don’t has the same binding effect as the deficit reduction. However, he implied that the amount of EUR50bn could be included as a term in the revised Memorandum.
The Finance Minister admitted that privatizations of EUR50bn consists an “ambitious” target. Greece will have recorded and started the exploitation of its property, even if the target is not finally met.
Papakonstantinou repeated Prime Minister’s commitment that Greece is not selling public land, adding that “we do not sell Elliniko”, but a long-term lease to a strategic investor is promoted.
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