Greece act quickly to privatize its ports, airports and regional power grid operator under a memorandum of understanding reached with creditors for a new bailout program.
Greece act quickly to privatize its ports, airports and regional power grid operator under a memorandum of understanding (MOU, for its acronym in English) agreed with international creditors.
According to the MOU of 29 pages, of which Reuters obtained a copy, it is expected that the funds raised by privatization, excluding bank shares, reaching a total of 6,400 million euros between 2015 and 2017.
The MOU lists a series of measures that the Greek government must apply for a new rescue program for three years by approximately 85,000 million euros.
According to the agreement, Athens has committed to take “irreversible steps” in October 2015 to privatize the operator of the power grid ADMIE if an alternative plan giving equivalent results is not found.
The dates of binding offers for the ports of Piraeus and Thessaloniki should be announced in late October. The Greek authorities have also undertaken to sell the regional airports in the country “in current terms,” according to the MOU.
Late last year, Germany’s Fraport was chosen as the best bidder in an agreement to operate 14 regional airports in Greece, but the transaction was blocked when the government’s leftist Alexis Tsipras took office in January.
ERP
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