Corporate vultures circling in Greece

[marmar]

Greece to Sell Stakes in Railway, Water Companies (Correct)
By Christos Ziotis and Natalie Weeks


June 2 (Bloomberg) -- Greece plans to sell stakes in the state-owned railway and water companies as it “accelerates” the privatisation of assets to help reduce a budget deficit.

“We decided to accelerate the privatizations process,” Greek Finance Minister George Papaconstantinou told reporters in Athens today. The government will sell 49 percent of the Trainose unit of Hellenic Railways Organization SA, 23 percent of Thessaloniki Water & Sewage Co SA, the country’s second- biggest water company, and minority stakes in casinos.

A European debt crisis that originated in Greece prompted the region’s leaders to unveil an unprecedented 750 billion-euro ($920 billion) loan package to restore calm to markets. Greece last month took the first tranche of an emergency loan from the European Union and the International Monetary Fund to help it pay debts.

In exchange for the rescue funds, the Greek government is cutting wages and pensions for public workers and raising sales, fuel and alcohol taxes. The country’s budget gap widened to 13.6 percent of gross domestic product last year, more than four times the EU limit of 3 percent of GDP.

Greece will also reduce its stake in Athens Water Supply and Sewage Company SA, Papaconstantinou said. It will retain a holding of 51 percent. The government will set up a holding company for state assets, he said.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aCFpPFcdy5yE&pos=5

[SpiralHawk]

1. "Now we need us some Grecian TeaBaggers. Smirk." - Corporatists (R)

"We will be actively passing out our Kool Aid, and we can fully expect that there are Greek Sheeple who will ASSUME THE POSITION and guzzle it down as avidly as the American TeaBag dupes. We can get them to blame environmentalists for all their financial & pollution woes. Bwaaa ha ha ha ha. Sneer.

"Shock & Awe up your TeaBagging bungholes, baby. Smirk."

- Corporatists (R)

[Javaman]

2. Isn't that what Germany did during the 20's?

Sold off various public services to private interests?