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Greece steps up 50 billion euro state sell-off effort
ATHENS | Mon Jul 18, 2011 10:34am EDT
ATHENS (Reuters) - Greece is seeking a new set of advisors to help sell ports, railways and airports in a bid to implement its ambitious 50 billion euro ($71 billion) privatization program before deadlines under its EU/IMF bailout.
While the Athens government has yet to miss a deadline, it has been racing against the clock to set up the sales processes and deliver 1.7 billion euros in privatization revenues by September and 5 billion euros by the end of 2011.
Some of the world's top banks secured advisory roles in May in the Greek government's first step in a process aimed at forcing its economy to become more competitive and stripping down an unwieldy state.
But analysts question the appetite of investors for asset sales that have yet to raise one cent for public coffers, given the country's debt crisis and deep recession.
The finance ministry said it was looking to appoint advisors for assets that include regional airports, the postal service, railways and train stations, mining rights, small ports, a state-controlled nickel company and a casino in Athens.
Expressions of interest were due on July 25, it said.
In May, Greece appointed advisors for 15 different privatization schemes, including betting company OPAP, motorway concessions, natural gas company DEPA, the auctioning of mobile phone frequencies, state property and the restructuring of the state railway company OSE.
Among the financial advisors hired were HSBC, BNP Paribas, Credit Suisse, Deutsche Bank, Rothschild & Sons and Citigroup Inc.
Greece last month passed an austerity and privatization bill, which features a specific timetable for the sale of state assets including public companies and concessions. It has promised to raise 50 billion euros from the sales by 2015.
EU officials have asked the government to step up privatizations and suggested setting up a trustee institution to oversee the process, similar to the body that privatized East German companies after the fall of communism.
Greece unveiled a team at its privatization agency last week.
ATHENS | Mon Jul 18, 2011 10:34am EDT
ATHENS (Reuters) - Greece is seeking a new set of advisors to help sell ports, railways and airports in a bid to implement its ambitious 50 billion euro ($71 billion) privatization program before deadlines under its EU/IMF bailout.
While the Athens government has yet to miss a deadline, it has been racing against the clock to set up the sales processes and deliver 1.7 billion euros in privatization revenues by September and 5 billion euros by the end of 2011.
Some of the world's top banks secured advisory roles in May in the Greek government's first step in a process aimed at forcing its economy to become more competitive and stripping down an unwieldy state.
But analysts question the appetite of investors for asset sales that have yet to raise one cent for public coffers, given the country's debt crisis and deep recession.
The finance ministry said it was looking to appoint advisors for assets that include regional airports, the postal service, railways and train stations, mining rights, small ports, a state-controlled nickel company and a casino in Athens.
Expressions of interest were due on July 25, it said.
In May, Greece appointed advisors for 15 different privatization schemes, including betting company OPAP, motorway concessions, natural gas company DEPA, the auctioning of mobile phone frequencies, state property and the restructuring of the state railway company OSE.
Among the financial advisors hired were HSBC, BNP Paribas, Credit Suisse, Deutsche Bank, Rothschild & Sons and Citigroup Inc.
Greece last month passed an austerity and privatization bill, which features a specific timetable for the sale of state assets including public companies and concessions. It has promised to raise 50 billion euros from the sales by 2015.
EU officials have asked the government to step up privatizations and suggested setting up a trustee institution to oversee the process, similar to the body that privatized East German companies after the fall of communism.
Greece unveiled a team at its privatization agency last week.
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