March 23, 2011
Greece has selected international advisers for the first round of an ambitious €50bn ($71bn) privatisation programme aimed at averting a forced restructuring of its sovereign debt.
The finance ministry on Wednesday named financial and legal advisers for two big concession projects to operate Athens airport and develop a luxury resort.
It said an “action plan will be presented in the coming weeks” outlining options for raising €15bn over the next two years and another €35bn by 2015 from sales of state companies and the development of state-owned real estate.
The announcement means that George Papandreou, prime minister, can claim progress on a key reform at Friday’s European Union summit on shoring up eurozone finances.
Greece hopes that European leaders will seal a deal agreed earlier this month to allow debt-burdened eurozone member states to sell their bonds to the European financial stability facility, the Union’s current rescue fund.