P.M. BRIEFING : Greece Moving to Privatization
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ATHENS — The government has proposed legislation allowing for sale of 49% of state-controlled corporations to private interests.
The bill, which is being submitted to Parliament for consideration, refers specifically to the Agricultural Bank of Greece, one of the nation’s largest banks, and Olympic Airways, the national carrier, and its subsidiaries.
The bill provides that shares would become available on the Athens Stock Exchange. Over-staffed public sector corporations have often been cited by the government as contributing to Greece’s $100-billion public debt.
The legislation also entitles the state to sell the Bank of Crete, a former private bank that was nationalized after its owner and chairman was accused of embezzling $210 million.
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