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According to Monday’s agreement on starting negotiations on a new aid program for Greece with a value of 82-86 billion euros Greece will report assets worth up to 50 billion euros to a special fund . Money from the privatization of the property or its management favorable will go to pay off debt and recapitalize banks (25 billion euros). The fund will be created and managed in Greece by the Greek authorities under the supervision of European institutions.
As he explains CNBC, the fund will resemble an insurance policy for lenders, who argue that Greece consistently has not kept his promises of reform. Some of privatization reforms that were part of previous agreements on aid for Athens, have not yet been implemented.
Within the first aid program in 2010. Greece has agreed to privatize property and infrastructure worth approx. 50 billion . But for now, managed to get only 3.2 billion – reminiscent of “Time”.
In a statement, the Euro Summit stated that the fund will be transferred to “the Greek valuable assets”. There are no details about what specific assets can walk, but CNBC speculates that they may be large state-owned companies or, for example. State holdings in Greek banks, energy companies, airports, ports. There are also voices that the fund could hit the state-owned land and property.
“The goal is to humiliate the Greeks”
“It’s an insult. It’s like saying to sell the memory of their ancestors, sell the story to get something in return for commercial use. The aim is to humiliate the Greeks” – rated quoted by “Time magazine” strategist and adviser to the Greek Ministry of Labour and social solidarity Jorjos Daremas.
– It may be about buildings, areas of land, and even the island – said Daremas. In his opinion, in order to protect the value of historical or natural places, the Greek parliament would adopt laws and appoint supervisory institutions that would ensure that “the new owner will not destroy the property.”
– For many Greek islands and land there are ancient ruins, and so they would have to be sold – he added.
Sell Acropolis?
As he writes “Time”, but there are limits of privatization of ancient monuments. According to Daremasa treasures of Greek antiquity, for example. Acropolis in Athens, I have never been sold. – It is impossible. Its value is incalculable – he says. The idea to sell the Acropolis appeared as early as 2010. And sparked outrage in Greece. Its authors were two Conservative MPs from Germany.
Greece recently agreed to talk about the sale of the islands, many of which are uninhabited and there is no developed infrastructure. Nobel Prize winner Joseph Stiglitz, who advocated the cancellation of debt for Greece, is of the opinion that the sale of the islands could be an important part of the privatization campaign. However, there has to be a crazy sale, which “would mean putting heritage for nothing”. It should allow to improve the situation on the real estate market in Greece and stabilize prices.
The BBC reminds that according to the International Monetary Fund in Greece is 70 thousand. objects that potentially could be sold. But the information about them are outdated, the ownership of disputed or have them illegal residents.
Before they are ready for sale, you will need to do a lot of preparatory work. However, in theory the sale of these facilities could bring significant amounts of money – writes the BBC.
last repayment in 2054 r.
The document from the summit of euro zone countries show that these assets are to be sold “at the time of the new loan.” The preliminary agreement assumes that the financial needs of the Greeks will be covered for three years, but loans from the European Stability Mechanism (ESM) should have a 10-year or longer maturity. This means that Greece would have plenty of time to sell their assets – CNBC explains.
In turn, the BBC writes that this process may take several decades. The term of the last repayment of a second aid program for Greece is 2054 r., And the third rescue program also likely will have a long repayment period.
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