Privatisation in Greece: Hellishly Hellenic

UK Only Article: 
standard article

Issue: 

The $9 trillion sale

Fly Title: 

Privatisation in Greece

Rubric: 

The problems and promise of state holdings

Location: 

NEW YORK

GREECE is a bad advertisement for government ownership—and for privatisation. Its state holdings are poorly managed and mostly subject to political meddling. The privatisation programme, launched through gritted teeth when the economy imploded, is woefully behind schedule. The government managed to miss its revenue target for 2013 even after scaling it back twice, to just €1.3 billion. Everyone knows that sell-offs could do little to close Greece’s 12-figure financing shortfall. But they could help, and the country’s creditors are impatient.
The programme is under review, but Greece’s institutions and polity are so dysfunctional that “nothing short of a bone-marrow transplant” will do, says a consultant to international lenders. One promising idea—to transfer assets that could be sold or restructured to a holding company abroad, say …

Link to article: www.economist.com/news/briefing/21593459-problems-and-promise-state-holdings-hellishly-hellenic?fsrc=rss

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