Greece on Wednesday outlined plans to sell stakes in state-owned railway, water and real estate companies as part of a drive to raise billions of euros to help restore its ailing public finances.
However, it will maintain its 34 per cent stake in betting monopoly OPAP, its 20 per cent stake in the Balkans’ largest telecoms company OTE, and its 51 per cent stake in profitable power utilities PPC.
The European Union and International Monetary Fund bailout for the heavily indebted country projects revenue of 1 billion euros ($1.22 billion) per year from privatisations for the 2011-13 period.
“Our estimates are definitely higher than this,” Greek finance minister, Mr George Papaconstantinou, told reporters after a cabinet meeting.
As part of the plan, the cash-strapped government will sell 49 per cent of loss-making railway firm, 39 per cent of Hellenic Post, 23 per cent of Thessaloniki water and 10 per cent in Athens water. Greece also seeks to tap the betting market by granting licences for low-price gaming machines. — Reuters