Greece to Sell Government Buildings to Pay Debt

As we mentioned a couple of weeks ago when the Greek consulate in London was up for sale now Greece is putting more real estate up for sale.

As Greece is struggling to appease international lenders and live up to the conditions of its bailout, the debt-choked nation is speeding up the sale of state assets by expanding its privatization program.

Greece’s state fund (Hellenic Republic Asset Development Fund or HRADF) now has more than 70,000 state owned properties on offer for investors and it aims to generate 19 billion euro ($24.5 billion) by 2015 via the sales.

The state’s properties include a 119,800 square meter peninsula with a palace hotel complex and a marina, a 450,000 square meter area in Rhodes with an 18-hole golf course and 4 miles of beach, a coastline in Corfu, an airport area in Athens and the 2004 Athens Olympics broadcast centre.

Apart from land areas, Greece is also offering its government buildings. Greece’s ministries of justice, health, education and culture are seeking to rent out some of their buildings, and although the country is coping with rampant tax evasion, 13 of its tax offices are on offer for privatization as well.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza