Cash-strapped Greece to Sell Government Buildings (Mar 2013)

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Source: The Telegraph – Cash-strapped Greece to sell government buildings

Notable excerpts:

Greece’s cash-strapped government has detailed its plans to sell 28 state-owned buildings on long-term lease, including tax offices, ministry buildings, and the main police headquarters in Athens.

A government privatisation fund said it hoped to make €30m (£26m) annually from the lease agreements lasting 20-25 years.

Included on the list of buildings for sale are the main properties used by the ministries of justice, education and culture, 12 tax offices and the greater Athens police headquarters.

Greece is under pressure to speed up its privatization program by its rescue lenders, the other eurozone countries and the International Monetary Fund, who have been providing bailout funds since 2010 that are set to total €240bn.

Inspectors from the rescue creditors are currently in Athens…

The debt inspectors are also pressing for faster implementation of public sector staff reductions, despite a national unemployment rate nearing 27pc and the ongoing recession that started in late 2008.

Updated official data on Monday showed Greece’s economy shrank at a slightly slower pace than initially forecast in the last quarter of 2012, but still contracted by 6.4pc during the year.

The statistical authority, Elstat, said Greece’s economy shrank 5.7pc in October-December 2012, compared to a year earlier – slightly better than earlier estimates of 6pc.

Greece’s economy has contracted by more than a fifth since 2008, and is set to have shrunk by 25 pc before the country is expected to start recovering during the latter part of this year.

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