Greece sell asset for IMF Debt
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Greece sell asset for IMF Debt

Athens : Greece | May 23, 2011 at 9:51 PM PDT
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The Greek government immediately sell assets to pay debts to creditor institutions regionally and internationally. Sales of these assets including the shares of government in a number of state owned enterprises (SOEs).

According to BBC news station, the Greek government will soon release a number of shares in SOEs, such as telecommunications companies Ote, state bank Postbank, and the port in Athens and Thessaloniki.

"The sale of shares owned by the government that in order to fulfill the privatization program," said Greek Finance Minister George Papaconstantinou, which is quoted by the BBC on May 23, yesterday.

According to Papaconstantinou, to accelerate this program, the government set up Sovereign Wealth Fund (SWF) which contains the assets to be privatized and real estate.

This privatization program, for Greece, had to be done to comply with one of the requested international creditor institutions to overcome the financial crisis that convolute the country in recent years.

In May 2010, the IMF and European Union agreed to give loans to Greece in a period of three years amounted to 110 billion euros (U.S. $ 157.6 billion), which is given in stages. However, the loan was accompanied by high interest, amounting to 5 percent and the number of terms.

In order to pay the debt, the Greek government must perform a variety of programs tightening budgets and raise taxes. In addition, the government also must release ownership of shares in some SOEs. This unpopular policy has invited protests and demonstrations from the people.
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Greece is the first eurozone nation to seek IMF help
Greece is the first eurozone nation to seek IMF help
sandhee is based in Bandung, Jawa Barat, Indonesia, and is a Stringer on Allvoices.
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