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Greece Appoints New HRADF Managing Director

maniatopoulosThe Greek government has appointed a new head of its privatization fund, HRADF (Hellenic Republic Asset Development Fund). This will be the fifth change of the fund’s management since it started operating in 2010, with the goal of selling state assets, as part of the Greece’s economy recovery plan.
The new chairman of HRADF will be Emmanuel Kondylis, a business administrator professor. He will replace Constantinos Maniatopoulos, who was appointed head of HRADF last October. The Greek Ministry of Finance has yet to explain the reasons behind the change in leadership.
The privatization fund has not met the targets that were set in the international bailout program.
Furthermore, Pashalis Bouhoris was also nominated to replace Ioannis Emiris, HRADF’s current CEO.
Even though several Greek assets have been privatized through HRADF, the country was not able to meet the 22 billion euro target that was set in the international bailout terms. The deals that have been signed so far amount to 4.9 billion euros, out of which Greece has raised 2.69 billion euros. This year, due to the fact that HRADF did not move forward with the plan to sell DEPA (the state natural gas company), the privatization revenue only reached 1.5 billion euros, instead of the original target of 3.6 billion.
However, one of the most significant privatization deals was the leasing of Ellinikon, the area of the former Athens international airport, which amounted to 915 million euros.

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