Want to Buy a Piece of a Greek Island?
Greece's Government Prepares to Sell Up to $42.9 Billion of Public Property to Reduce Its Mountain of Debt
http://online.wsj.com/article/SB10001424052702304563104576357240646607566.htmlNow might be your chance to buy that portion of a Greek island you have been coveting.
As part of Greece's privatization plan to raise cash to reduce its mountain of debt, the national government is preparing to sell as much as €30 billion ($42.9 billion) of public property. It is still early in the process, but future sales are likely to include assets ranging from the government's stake in the Mont Parnes Casino resort in Athens, hotels, and even a concession to develop a luxury resort with a world-class golf course on the island of Rhodes.
The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.
The International Monetary Fund, in its latest report on Greece, estimates that as many as €15 billion could be raised through real-estate sales. Mr. Karytinos says expected proceeds from property sales or leasing is now estimated at between €15 billion and €30 billion. The first step is to sift through the long list of public property, identify the best real estate, and resolve any legal issues to ensure that the property is able to be fully developed by investors.
No concern for the people of Greece or the loss the privatization of publicly held property will result in for generations.
Goldman Sachs was one of the financiers that helped bring that about:
http://www.guardian.co.uk/business/2010/feb/28/goldman-sachs-investment-banking-greecehttp://www.spiegel.de/international/europe/0,1518,676634,00.html