Greece puts shares of ports up for sale

Greece, in an financial stalemate, discovered the answer by promoting ports.

After years of monetary disaster, Athens administration desires to draw funding and enhance port amenities throughout the nation.

THE MOST OF THE PORT IN CRITE WILL BE SOLD

Greece has opened a young for the sale of the bulk stake within the port within the Heraklion area of Crete.

The Privatization Company within the nation mentioned in an announcement that traders can bid for a 67 p.c stake within the Heraklion port till 30 July.

The port serves cruise ships, ferries and freighters.

TWO MORE PORTS ARE FOR SALE: TARGET $2.11 BILLION

Prime Minister Kiryakos Mitsotakis authorities additionally put up for sale the bulk shares of Alexandroupoli and Igoumenitsa ports as half of the privatization, which it goals to generate $2.11 billion in income this 12 months.

Alternatively, Athens, wanting for methods out of the financial bottleneck, sat on the desk with the US to promote the Skaramanga Port.

AMONG THE WORST COUNTRIES WITH THE ECONOMY IN EUROPE

The Greek financial system contracted by 8.2 p.c final 12 months because of the influence of the coronavirus epidemic. In response to the information of the Greek Statistical Institute (ELSTAT), exports of items and providers decreased by 13.4% in 2020 in comparison with the final quarter of 2019, whereas imports decreased by 9.5 p.c.

Greece ranks third among the many worst economies within the European Union, after Spain (minus 11 p.c) and Italy (minus 8.9 p.c).

Regardless of the 8-year bailout program that ended on 20 August 2018, Greece nonetheless stays among the many international locations with the very best ratio of public debt to Gross Home Product.