Out of Fiscal Desperation, Greece May Sell State-Owned Airports, Banks, Companies to Qualify for EU Loans
- Posted on June 20, 2011 at 8:15pm by
Billy Hallowell
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Greek protestor rallying against the Greek government's debt proposals.
Greece’s dire financial situation continues, as leaders work diligently to find solutions that will prevent global economic fallout. On Sunday, European finance ministers said that they are slated to give the nation another major bailout to keep its government afloat. That said, in order to receive the funds, the Greek government will need to make tough choices. CNN has more:
Greece has to raise 50 billion euros ($71 billion) through privatization by 2015, Eurogroup members said.
It also has to push through tough budget-cutting measures, they said, despite widespread protests in the country that forced a government reshuffle last week.
Prime Minister George Papandreou faces a vote of confidence in his new ministers this week as his party clings onto a wafer-thin majority in parliament.
In order to generate the funds needed to qualify for the bailout, Greek officials have proposed selling government assets, including real estate, airports, highways, companies, banks and more.
In addition to securing much-needed loan monies, the government has proposed cutting the public-sector workforce by 150,000, changing working hours and wages and changing benefits found under the nation’s the social safety net. These reforms, the government claims, are essential to prevent the Greek government from defaulting. The public, of course, isn’t happy about the impending changes.
Earlier today, despite the International Monetary Fund’s warning that a bailout package must be passed to avid economic turmoil, The Telegraph reported that European leaders had failed to agree upon release of the funding:
[Jean-Claude Juncker, the president of the eurozone finance ministers] said the European leaders felt unable to release it until Athens has confirmed its commitment to a tough package of asset sales and spending cuts that have led to unrest on the streets.
He said: “As the vote by the Greek parliament has been fixed for the end of June, we cannot make an engagement without knowing if the Greek parliament [will] endorse the commitments made by Greece.”
If the agreement doesn’t come soon, a Greek default could still be on the table. Watch, below, for a video report from CNN:
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Comments (85)
sandy21957
Posted on June 20, 2011 at 10:36pmSounds like a good idea -
Report Post »Sell the USPS to FedEx
Sell the bridges and tunnels around the country they will be better maintained than they are now
Sell Airports and train stations (same as above)
Eliminate the USDA, DEPT OF EDUCATION, EPA, DEPT OF COMMERCE, NLRB, AND A WHOLE HOST OF USELESS GOVT AGENCIES
Stop sending money overseas.
There deficit almost managed
leftcoastslut
Posted on June 20, 2011 at 11:25pmi like your ideas
Report Post »booger71
Posted on June 21, 2011 at 1:01amI like your name
Report Post »Erabin
Posted on June 21, 2011 at 6:00amI like how you’re totally delusional since usually, privatization leads to worse service and cost-cutting measures. Better maintained? You must’ve been drinking.
Report Post »nomercy63
Posted on June 20, 2011 at 10:29pmIsn’t nice to see the people of Greece pulling together for the betterment of their nation in a severe time of trouble?
Report Post »leftcoastslut
Posted on June 20, 2011 at 10:28pmwho is going to protest first, the patriots trying to save America or the slaves whom have grown accustom to the goernment givin a hand out… either way it is goin to be bad
Report Post »VerySeniorCitizen
Posted on June 20, 2011 at 10:19pmWe can look to the lease/sale of the Indiana toll Road (by Mitch Daniels) to Maquarie and Cintos (an Australian Company) for the next 99 years. Under the terms of he lease/sale the State
1. MAY NOT create any road or railroad which would compete with the toll road – until 2061
2. MAY NOT upgrade side roads which intercept or otherwise enter the toll road – until 2061
3. In case of a natural disaster (tornado, flood, etc.) Maquarie will be paid by the taxpayer for any lost revenue as well as the repair of the toll road.
So the State is at a standstill for the next 50 years. Does that REALLY sound like a good deal for the State of Indiana??
Report Post »RLTW
Posted on June 20, 2011 at 10:15pmGreeks are the Mexicans of the Mediterranean, who besides socialist force there government to let them retire at 53.
My ex-wife is half Greek, half American black and I can tell you without question the f—up part was Greek. Her black American father is one of the finest men I’ve ever known.
Oh libs I’m a white guy.
Report Post »Charles
Posted on June 20, 2011 at 10:13pmThey can sell all that stuff to the Saudis and Egypt. The union workers can get free prayer rugs a compass to point to mecca.
Report Post »Outlaw_Josey_Wales
Posted on June 20, 2011 at 10:01pmGreece should do what governor Arnold Schwarzenegger of California did, have a state garage sale.
Report Post »mrsmileyface
Posted on June 20, 2011 at 9:28pmWho the hell would want those assets they are in such a state of disrepair that it isnt even worth anything that will get Greece out of trouble. Its laughable.
Report Post »Workforit
Posted on June 20, 2011 at 9:27pmThis whole thing smells like the really rich & powerful will be getting even richer, and even more powerful…
This is a really scary elite old school lesson in financial bondage.
Don‘t think for a minute that the same thing can’t happen here… Didn’t Arizona sell of some of its prized public trinkets?
Nobama 2012
Report Post »Pallamus
Posted on June 20, 2011 at 9:26pmAnd this, ladies and gentlemen, is how a nation loses its sovereignty. The day the EU or the United Nations or any other organization decides to dictate how our nation is to remedy our financial situation is the day they’ll all burn in hell! It will be a day of reckoning.
Report Post »The MAFS
Posted on June 20, 2011 at 9:17pmReplace the word desperation with sanity. “Out of fiscal sanity Greece may sell state owned…” In their case I guess you could say even a blind squirrel finds a nut every once in a while.
Report Post »welovetheUSA
Posted on June 20, 2011 at 9:08pmThese people need to get a grip……..there is No more money to give out, you all lived off the government all these years, now its time to re-build, its called capitalism and taxes….its work my friend, just old fashion work.
Report Post »Servanthussain
Posted on June 20, 2011 at 9:19pmThe evil world bankers
Report Post »New world order
Coming to your town soon.
Wdawg
Posted on June 20, 2011 at 9:07pmGreece will eventually default and restructure. This will most likely hurt the Euro for a little while( a couple years) and increase the value of the dollar. What’s up with Blazers and doom and gloom? Sometimes i think you are part of the MSM.
Report Post »abbygirl1994
Posted on June 20, 2011 at 9:03pmGreece today,, America tomorrow!
Report Post »TRILO
Posted on June 20, 2011 at 8:54pmI do not understand the Greek people. How do they think the government can keep spending $$ it does not have. Unlike the USA they can not go pick $$ from the money tree behind the White House. Something has to give. When you are broke you sell your assets to pay off your creditors.
Report Post »smalldog
Posted on June 20, 2011 at 8:51pmHmmm…the US has assets too. May purchased by the Obama admin with borrowed money. Can’t have existing mineral and other leases if you want to give away/sell to bankers!!!
Report Post »rolex1965
Posted on June 20, 2011 at 8:48pmLook and read closely….This is the future of America if Oblunder is allowed to stay in office after 2012…….Unfortunately the “recipient and non-contributors” could give a dam…..As long as the free perks are distributed to the recipients every month they will never vote this p.o.s. from office….We all know who these non contributors are…”Them folk and non English speaking illegals just to name a few…..Just remembered……Most of these folk can‘t or don’t want to speak the language….Fire lighting border jumpers…..Learn ENGLISH or effen back to where you came from…….
Report Post »KeithOlberdink
Posted on June 20, 2011 at 8:36pmStand up, Stop Apoligizing.
Rick Perry 2012
Report Post »streetrodder
Posted on June 20, 2011 at 8:35pmWhy does the government own this stuff in the first place.
Report Post »Dont-hate-on-me-2
Posted on June 20, 2011 at 9:08pmthe gov owns it because the people failed to elect a repulic, instead tey went with the same old socialist plan after world war two. read road to surfdom
Report Post »orlandojon
Posted on June 20, 2011 at 8:27pmThis is the ending for all socialist governments sooner or later
Report Post »starman70
Posted on June 21, 2011 at 9:21amAnd Odummer and his retinue of Communists in Washington can’t learn from history. Socialism is and always has been disasterous for EVERY country that has tried it. It’s high time that the government in Washinton follow the same plan, sell land buildings and assets (Except active military bases). Sell only to Americans and not to foreigners.
Report Post »wzd1a
Posted on June 20, 2011 at 8:24pmWith what gaurantee that these assets, once purchased, will not be confiscated “in the name of the people.”
If you don’t have a standing army and the will to use it to protect this investment, it would be a fool’s errand.
Report Post »Sam Brown
Posted on June 20, 2011 at 8:21pmNow you see how our government intends to get out of debt, the selling of America.
Report Post »CatB
Posted on June 20, 2011 at 8:36pmLooks more like Obama is giving it away.
Report Post »Shasta
Posted on June 20, 2011 at 8:56pmWith the collapse of the U.S. housing market, coupled with our government (Freddie Mac and Fannie May) owning 98% of the country’s mortgages, most underwater, the government already owns most of our properties. Could this be why other countries are still buying our worthless treasury notes?
Report Post »scottinwisconsin
Posted on June 20, 2011 at 9:41pmSell it all. Government shouldn’t own anything. Especially not half the land out west!
Report Post »Erabin
Posted on June 21, 2011 at 5:56amAs an American, shouldn’t you support these measures? Selling off every government asset to private institutions would be in line with capitalism, wouldn’t it?
Report Post »Louie Louie the Progressive
Posted on June 21, 2011 at 3:15pmAmerica sold out to China way back when…………………1990?
Report Post »slvrserfr
Posted on June 20, 2011 at 8:20pmJust another fine example of why socialism doesn‘t work and the best way to a country’s prosperity is through genuinely free market capitalism.
Report Post »frustratedwithgovt
Posted on June 20, 2011 at 8:22pmDamn Skippy!
Report Post »Exrepublisheep
Posted on June 20, 2011 at 8:18pmLessons to learn.
Report Post »TexasCommonSense
Posted on June 20, 2011 at 10:06pmYes, Socialism is stupid. Lesson learned. No if we can only get the Obama administration ro learn this lesson.
Report Post »Erabin
Posted on June 21, 2011 at 5:55amFun fact: There is no socialist state in Europe. All countries subscribe to the economic system of capitalism.
Please learn what a social democracy is and what socialism is. They are not the same things.
Report Post »TexasCommonSense
Posted on June 21, 2011 at 9:23amFun fact: I never said they were a socialist state, but they do have socialism.
Definition: Socialism, a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
If the government owns thing which are normally privately held is capitalist countries, such as bank and businesses, that is socialism. They are seeking to sell these assets, presumably to private buyers, which is moving them towards capitalism and away from socialism.
Report Post »NuffSaid
Posted on June 20, 2011 at 8:17pmOf course you’ll sell the utilities now. You socialist pigs have already sold you mothers, your sisters and your children.
Oh by the way, thanks for inventing democracy.
Report Post »1stAmendment
Posted on June 20, 2011 at 8:25pmAmerica is not far behind!
Report Post »Snowleopard {gallery of cat folks}
Posted on June 20, 2011 at 8:35pmOnce you have sold out all the utilities and then all of the nations land and people; what will be left to sell off and keep the inevitable collapse from finally happening?
Report Post »Psychosis
Posted on June 20, 2011 at 8:53pmlucky for us, we are a republic
Report Post »spirited
Posted on June 20, 2011 at 8:56pmWhat a novel idea!
>Capitalism?
Report Post »dwh320
Posted on June 20, 2011 at 9:06pmSoon we will see For Sale signs here in America as our government will be forced to sale off assets to pay on the massive debt. How is that Hope and Change working for you America?
Report Post »poverty.sucks
Posted on June 20, 2011 at 9:10pmWhat an opportunity for Muslims to rule the world.
Report Post »tower7femacamp
Posted on June 20, 2011 at 9:10pmthe Truth about Greece
Report Post »http://www.infowars.com/max-keiser-mass-rioting-in-greece-as-economists-warn-of-global-armageddon-scenarios/
Servanthussain
Posted on June 20, 2011 at 9:12pmGet ready
This is exactly what the world bankers
Have planed for the U.S.
Can you feel their pain?
Report Post »Servanthussain
Posted on June 20, 2011 at 9:26pmWell planned.
Report Post »vennoye
Posted on June 20, 2011 at 9:45pmThis is why the government will keep spending on turtle tunnels, roads to nowhere, air ports with no passengers since Murtha died, etc……This is why we must be broke………private capital winds up with all government assets……..Remember the slaves in Egypt around 3500 years ago………….look in the mirror and see one of their descendants in slavery!! Guess it is getting easier to see why “the love of money is the root of ALL evil”.
Report Post »booger71
Posted on June 20, 2011 at 9:52pmSpooky dude is offering 10 cents on the dollar
Report Post »13th Imam
Posted on June 20, 2011 at 10:55pmFor Sale
Report Post »Old Marble Columned building, no roof solid foundation. Great views, Tourist bed and breakfast a possibility. Formally known as the Parthenon. Please make an offer, Walk thru’s available by appt.
TSUNAMI-22
Posted on June 20, 2011 at 11:01pmSubstitute the word “America” in place of “Greece” and you’ll see a clear future of what will eventually be.
Report Post »The_Almighty_Creestof
Posted on June 21, 2011 at 12:30amNew T-shirts being worn by the Greek politicians:
Report Post »“I lost my a$$ in Greece!”
Um…referring to their finances, of course.
The_Almighty_Creestof
Posted on June 21, 2011 at 12:33amHere’s a thought…how about they sell their country to Palestine? Presto, bango, abbacadabra…they’re back to having their own country.
Report Post »Erabin
Posted on June 21, 2011 at 5:53am“lucky for us, we are a republic”
So is Greece.
Report Post »VerySeniorCitizen
Posted on June 21, 2011 at 7:55am@ NUFSAID
I didn‘t know that Mitch Daniels was ’a socialist pig’ He was the first Governor to sell infrastructure to a foreign entity.
http://www.businessweek.com/magazine/content/10_26/b4184034251063.htm
So, Indiana CANNOT build roads or railroads which might parallel the Toll Road until 2061 and, if a natural disaster strikes (tornado or flood) the taxpayers are on the hook to PAY Maqaire for lost revenue – and repair the road at taxpayers expense – until 2061. Good deal, HUH??
Report Post »smithclar3nc3
Posted on June 21, 2011 at 9:01amSo Greece is having a yard sale to pay down debt…huh
Report Post »What will they do when there’s nothing left to sale?
What will we do when we reach Greece’s point in a couple of years?
TomFerrari
Posted on June 21, 2011 at 9:41am@Spirted – you beat me to it – WELCOME TO CAPITALISM!
Report Post »(while obama races to destroy it and duplicate socialism – idiot can’t see what it did to Europe, or is so arrogant he thinks HE can do it “the right way” here.)
JRook
Posted on June 21, 2011 at 11:44amAnd states like Ohio selling their turnpikes and prisons under the guise of “privatization” is somehow different. The state gets a one time payment, usually much less than the value of, or taxpayer investment in the asset, tolls remain the same, employee salaries and benefits are slashed, service and maintenance is reduced….. but of course the company makes a profit. Great economic model, except as wages continue to be depressed by such moves, consumer spending decreases which of course is what really hurts the economy.
Report Post »