Only a miracle could help Greek government to fulfil its commitment for revenues of €5b through privatizations by the end of 2011.
The government had committed to raise €400m until June 2011 (by selling a further stake in Hellenic Telecoms), but that was the easy part.
It should now raise €1.3b in 6 moves: Thessaloniki Water Company (sale of 40%), Athens International Airport and betting company OPAP (extension of concessions), Piraeus Port (sale of 23.3%), Hellenic Postbank (sale of 34%) and State Lotteries (sale of 49-66%).
Then, things will get even more difficult. Until late December, it should raise €3.3b in 12 moves: sale of Hellenic Defense Systems (up to 66%), National Bank (1.2%), gas company DEPA (32%), Hellenic Gas Transmission System Operator (31%), Larco (55.2%), TRAINOSE (up to 100%), Hellenic Horse Racing Organisation (100%), Casino Mont Parnes (49%) and Hellenic Vehicle Industry, and the sale of rights for mobile telephony and real estate assets.
According to the Troika findings, which have not been officially announced, those assets that won’t privatized, won’t return to state control. It is clarified that the sales should be implemented according to the current market condition.
According to the Troika, the binding targets of the privatization fund are part of the conditions for the disbursement of the loan to Greece in any revision of the Memorandum of Understanding.
This was also confirmed by the Minister of Finance Giorgos Papakonstantinou, in a response to reporters. He implied that there are too binding and less binding conditions.
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