Tuesday, July 10, 2012

Greece: Corporate vultures prepare for feast

Greece's ruling coalition unveiled an "everything must go" sale of the country's assets over the weekend as Finance Minister Yannis Stournaras gushed that privatisation was his "top priority.

"The privatisation programme aims at attracting important international capital," Mr Stournaras told MPs on Saturday, sketching a vista of foreign corporations rushing in to snap up Greece's infrastructure and services.

The initial wave of the project would include 28 major privatisations, including state natural gas, water and betting companies, a number of key airports including that of Athens, the state railways and various marinas and other properties.

Some services would be taken over entirely by the private sector, he said, while in others the state would rent back the infrastructure from the buyers.

Mr Stournaras added that this was just the beginning, with a second bout of sell-offs, including that of the Public Power Corporation, planned for a later date.

Opposition leader Alexis Tsipras of the Coalition of the Radical Left (Syriza) attacked the plan, saying it was "nothing more than a 'for sale' sign put on Greece."

Mr Tsipras sought to warn off those who might "grab state property on the cheap," saying they might lose all their money and face criminal proceedings under a future Syriza-led government.

He said the government ought to "fix its finances" by taxing the rich and "going after tax-evaders" and proposed a moratorium on debt repayments until the country returns to growth, a distant prospect as crushing austerity measures have crippled its economy.

No comments: