Greece is about to commence serious efforts to sell off the family silver to the highest bidder, after dragging its feet on the promised privatisation program. Amongst state assets up for grabs is the Greek consulate residence building in London.
With €19bn promised to international creditors by 2015 and a woeful record thus far in selling off state assets as agreed with the Troika, the Greek privatisation agency is suddenly acting as though it intends to push for an actual disposal of assets.
Prime real estate will be up for grabs: unfortunately potential buyers will be all too well aware that the debt ridden nation will not be able to hold out for the real value of its offerings, allowing the vultures to pick bargains from the carcass of Greece.
Up for sale is Greece's London consular residence in Holland Park. According to the Telegraph similar houses sell for millions of pounds. Property in Cyprus, Belgrade and Brussels will also be on offer. Also on offer is the Palace of Tatoi near Athens, the former royal residence.
Takis Athanasolpoulos, newly appointed head of the Hellenic Republic Asset Development Fund, said Greece could become “an El Dorado for investors” (FT). The agency is now moving full steam ahead after a period of limbo, and investors will be able to buy up Greece's telephone company, train operator, the state gas utility and gas distributor, islands and perchance even the Acropolis if the price is right.
With pressure on Greece to raise €50 billion from the family silver by 2020, creditors are not too impressed with the pitiful €1.8 billion raised thus far. Bloomberg reported Greece has identified 40 uninhabited islands it plans to lease out for 50 years to raise revenue, rather than selling them outright. Other state assets though will not revert to Greece once sold.