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Greece Wants To Sell These Amazing Places To Pay For Its Bailout

Greece is going through a major money crisis due to the recent bailout calls. The required money to pay off the loans is about 50 billion euros (about $55 billion), which is a hard hit on the nation. To arrange the huge sum of money, Greece is all set to privatize a big swath of its assets, including the world famous boutique hotels of Santorini and their Olympic assets.

The sad part is, the market isn’t friendly enough to help the Greek government raise big piles of cash anytime soon. The risk in foreign investment in Greece in the recent few years has reduced the worth of these public assets in the trade market. According to Thomas Wright, the director of Brookings Institution's Project on International Order and Strategy, "This isn't the sort of opportunity where you say, 'Look it's at the bottom of the market right now and you can buy it and be on the upswing'. I think it will a big ask for investors to come in and make these purchases."

The Greek Government has put a list of assets to be auctioned off at Hellenic Republic Asset Development Fund without listing the prices, though. ten of those famous resources are mentioned here.

Wanna buy any?

Greece Wants To Sell These Amazing Places To Pay For Its Bailout

Greece Wants To Sell These Amazing Places To Pay For Its Bailout

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  in Travel & Adventure

Greek Government will apparently try anything to refill their pockets.

Greek Government will apparently try anything to refill their pockets.

#1) Boutique Hotels

#1) Boutique Hotels

The beautiful boutique hotels of Greece are sadly for sale now. Most of the country's 15 boutique hotels are located at Santorini and are being auctioned off. The Greek government started building them in the 1960's to attract people from all over the world.

#2) Thermal Springs

#2) Thermal Springs

Playing the marketing strategy of advertisement as "wellness tourism", the Greek development company has decided to privatize four of the country's thermal hot springs.

#3) Hellenic Petroleum

#3) Hellenic Petroleum

Hellenic Petroleum holds about two-thirds of refinery capacity of Greece and also exports to Bulgaria, Serbia, Cyprus, Albania and Montenegro. About 35 percent of the company is set off for auction and was recently listed on the Athens Stock Exchange.

#4) Hellenic Post

#4) Hellenic Post

Hermes, the Messenger of the Gods is shaking his head, looking down from Olympus. Hellenic Post is a state-owned postal service provider and 90 percent of it is for sale. Most of the 750 outlets of the postal service around the nation will soon be privatized.

#5) Athens Water Supply and Sewerage Company

#5) Athens Water Supply and Sewerage Company

The Athens Water Supply and Sewerage Company has exclusive water utility rights to Greater Attica, a large eastern portion of Greece, including Athens. The government development company had decided to sell 31 percent of shares and also listed the Sewerage company on the Athens Stock Exchange.

#6) Egnatia Odos Motorway

#6) Egnatia Odos Motorway

This highway crosses east to west in northern Greece and is used by one-third population of the country. About 35 percent of the nation's gross domestic products are transported through it. The 670 kilometre (416 miles) long national highway connects Greece with the neighboring countries of Turkey, Albania and Bulgaria.

#7) Athens International Airport

#7) Athens International Airport

Greece holds on to 25 percent of the shares in the airport, while the rest 75 percent are held by private corporations and several rich families. To meetup with the bailout, government has decided to sell off 30 percent of the total shares they hold.

#8) Public Power Corporation

#8) Public Power Corporation

Out of the 11 million people living in Greece, 7.5 million are the subscribers of the power company. Public Power Corporation uses power particularly from gas and oil plants, along with hydroelectric power. The development fund has planned to sell 17 percent of its shares.

#9) Peace and Friendship Stadium

#9) Peace and Friendship Stadium

Host to the Greek basketball team Olympiacos, the Peace and Friendship Stadium has witnessed performances by the likes of Gloria Estefan and Phil Collins. Opened in 1985 and renovated in 2004, the stadium is located only five kilometers (or 3.1 miles) from Piraeus, Athens' main port and is accessible via public transportation. The development fund is offering a packaged deal of the stadium and development rights to the nearby areas.

#10) Olympic Assets

#10) Olympic Assets

Three of 2004 Olympic venues, all located in Athens are up for sale. The packaged deal includes The Schinia Rowing Center, Markopoulo Equestrian Center and Galatsi Olympic Center. These buildings hosted games like table tennis, rowing, rhythmic gymnastics and various equestrian activities.

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