For sale are 39 airports, 850 ports, railways, motorways, sewage works, a energy companies, banks, defence groups, thousands of acres of land for development, casinos and Greece's national lottery. George Christodoulakis, Greece's secretary for asset restructuring and privatisations, said the sell-off would raise €50bn (£44bn) towards the €110bn bailout debt.
Nikos Stathopoulous BC Partners says investors are finding it hard to assess the risk of investing into Greece, which means assets will be priced lower than they are worth and the Greek government and European Union, expect.
Aref Lahham, managing director and founding partner of Orion Capital Managers says more than half of the assets up for sale comprises land for commercial or residential development, which is unattractive because of the difficulty of securing financing to build in Greece.
The Greek government hopes to sell €15bn worth of assets by 2012 and €50bn by 2015 Lahham said ‘‘I simply do not believe the timescale. I'm afraid it is not going to happen within times - I'm afraid it is a fire sale’’, George Christodoulakis denies that the sell-off was a fire sale describing it as a ‘‘professionally managed privatisation plan’’.