It Begins… As Eurozone Crisis Continue – Greek Islands Hit the Auction Block

Eurozone leaders agreed to offer Greece a third bailout today.
The latest bailout is conditional on Greece passing several harsh economic reforms by Wednesday.

Children on bicycles hold a Greek flag as they taking part on a  peaceful rally in Athens, on Wednesday, June 1, 2011. For over a week,  Greeks have held peaceful anti-austerity protests in Athens and other cities, in a new Internet-sparked movement that most commentators applaud. (AP Photo/Petros Giannakouris)

Children on bicycles hold a Greek flag as they taking part on a peaceful rally in Athens, on Wednesday, June 1, 2011. For over a week, Greeks have held peaceful anti-austerity protests in Athens and other cities, in a new Internet-sparked movement that most commentators applaud. (AP Photo/Petros Giannakouris)

The latest bailout is not without consequences.
Greece may be forced to sell off airplanes, airports, infrastructure and banks with this latest deal
Zero Hedge reported:

With the provocative and dramatic Greek “time out” language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend “deal” for the Greek people will be the return of the Troika’s (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

What are these assets? For the answer we go to the horse’s mouth, Jeroen Dijsselbloem, who laid out the holdings of the proposed Greek privatization that would be sold off as follows: “it still is going to be an independent fund, valued at €50 billion which can be airplanes, airports, infrastructure and most certainly banks.”

Already several Greek islands are on the auction block.
islands for sale

greek islands

Comments

As a privately owned web site, we reserve the right to edit or remove comments that contain spam, advertising, vulgarity, threats of violence, racism, anti-Semitism, or personal/abusive attacks on other users. The same applies to trolling, the use of multiple aliases, or just generally being a jerk. Enforcement of this policy is at the sole discretion of the site administrators and repeat offenders may be blocked or permanently banned without warning