Saturday, May 28, 2011

Greece Could Raise Up to 300 Bln Euros From Selloffs-ECB's Stark

May 28, 2011

Greece could raise as much as 300 billion euros if it steps up its efforts to sell off state-owned assets, European Central Bank Board member Juergen Stark was quoted as saying on Saturday.

The ailing euro zone state, whose debt burden stands at around 330 billion euros, currently aims to raise 50 billion euros from privatisations by 2015 to help stave off a fiscal meltdown.

Stark also told the Welt am Sonntag newspaper in an interview that Greece's debt should not be restructured.

"The Greek government has shares in listed companies, it owns real estate. Experts estimate the sales potential at up to 300 billion euros," Stark told the newspaper according to a pre-release from its Sunday edition.

"A part of these assets must be mobilised to lower the debt level. Furthermore, privatisations cause more efficiency in the entire economy," he was quoted as saying.


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