Tags: GREECE | PRIVATIZATIONS | UTILITIES | ECONOMY | POLITICS

Greece Seeks Billions from Rail, Water Privatizations

Wednesday, 02 Jun 2010 10:26 AM

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 percent stake in betting monopoly OPAP, its 20 percent stake in the Balkans' largest telecoms company OTE, and its 51 percent stake in profitable power utilities PPC.

The European Union/International Monetary Fund bailout for the heavily indebted country projects revenue of 1 billion euros ($1.22 billion) per year from privatizations for the 2011-13 period.

"Our estimates are definitely higher than this," Finance Minister George Papaconstantinou told reporters after a cabinet meeting.

"Our objective is to have a state which guarantees public services but at the same time taps the dynamism of Greece's economy," he added.

As part of the plan, the cash-strapped government will sell 49 percent of loss-making railway company OSE, 39 percent of Hellenic Post, 23 percent of Thessaloniki water EYATH and 10 percent in Athens water EYDAP.

Greece also seeks to tap the betting market further, by extending OPAP's monopoly, which was due to end in 2020, granting licenses for low-price gaming machines and selling its stake in casinos as well as regulating online betting.

The country's regulated betting market, which includes all OPAP games, along with the casino, horse racing betting and state lotteries, was worth about 8.7 million euros last year.

Illegal online betting is estimated between 3.5 and 5 billion euros, meaning huge losses in taxes for the state.

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
Headline
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 percent stake in betting monopoly OPAP, its...
GREECE,PRIVATIZATIONS,UTILITIES,ECONOMY,POLITICS
254
2010-26-02
Wednesday, 02 Jun 2010 10:26 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved