WSJ: Greece's Government Prepares To Sell Up To $42.9 Billion of Public Property To Reduce Its Mountain of Debt!

- The financial rape of Greece is accelerating. They are being forced to sell off their country to pay off debts owed by private banks. Why should the public be made to pay for debts of these banksters? The Greeks should do what Iceland did: vote NO, HELL NO and default! Who will buy up all these hard assets? Obviously, Illuminist banksters with the money. Hey, they create money out of thin air. They just enter into their central bank computer system US$1T and the money is created! Who is to say they have not done it quietly to benefit themselves in the past? They are not audited and are privately owned!
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Want to Buy a Piece of a Greek Island?
Greece’s Government Prepares to Sell Up to $42.9 Billion of Public Property to Reduce Its Mountain of Debt
By WILLIAM BOSTON , WSJ
Now might be your chance to buy that portion of a Greek island you have been coveting. As part of Greece’s privatization plan to raise cash to reduce its mountain of debt, the national government is preparing to sell as much as €30 billion ($42.9 billion) of public property. It is still early in the process, but future sales are likely to include assets ranging from the government’s stake in the Mont Parnes Casino resort in Athens, hotels, and even a concession to develop a luxury resort with a world-class golf course on the island of Rhodes.
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The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.
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The International Monetary Fund, in its latest report on Greece, estimates that as many as €15 billion could be raised through real-estate sales. Mr. Karytinos says expected proceeds from property sales or leasing is now estimated at between €15 billion and €30 billion. The first step is to sift through the long list of public property, identify the best real estate, and resolve any legal issues to ensure that the property is able to be fully developed by investors.
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“We more or less know what the government owns, but many of the properties may have some legal or technical problems that need to be resolved before we an exploit them,” Mr. Karytinos said in an interview. “In some cases, we may have to rezone properties.”
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The real-estate privatization is part of a broader program to sell government holdings valued at about €50 billion, which Athens agreed to do to obtain a €110 billion bailout by the European Union and the International Monetary Fund. The IMF has been pressing Greece to accelerate the privatization process and is particularly keen to see Athens dispose of stakes in properties and industries that it believes are better left to the private sector, such as running gambling casinos.
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Greece hopes to attract international investors to create modern resorts and residential communities for foreign tourists. “The tourism industry is clearly one of our major strengths,” Mr. Karytinos said. “This is an area where we have an advantage, and we are talking to international investors about creating these
types of developments.”
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Most of the public real estate is undeveloped land or retired sites such as the old Athens airport at Hellenikon. In most cases, the Greek government may not actually sell the property outright but is more likely to lease the underlying land for development.
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“Our strategy is to award concessions, long-term leases of 30 to 40 years, depending on the individual property, but the government will retain ownership of the land,” Mr. Karytinos said. “The first properties should come to market in the next few months, but certainly by the end of the year.”
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true… you know what they say…Amar Babu got his dream house. Learn how to get yours
I am appalled… pissed off.. upset.. want commit m### m##### of all politicians and bankers Upset… that is how upset I am… I cannot believe this horse crap!