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Greece to lease islands to pay debt

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Will rent out 40 of them but will need to pass legislation first

Bloomberg GULF NEWS

Greece’s Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt.

“We identified locations that have good terrain, are close to the mainland and have a well-developed infrastructure and, at the same time, pose no threat to national security,” Andreas Taprantzis, the fund’s executive director for real estate, said. “Current legislation doesn’t allow us to sell them outright and we don’t want to.”

The fund is charged with raising 50 billion euros (Dh300 billion or $64 billion) from state assets by 2020 to meet conditions tied to pledges of 240 billion euros in foreign aid. Prime Minister Antonis Samaras has said commercial exploitation of some islands could generate the revenue lenders need to see to continue funding the country.

The shortlist includes islands ranging in size from 500,000 to 3 million square metres, and which can be developed into high-end integrated tourist resorts under leases lasting 30 years to 50 years.

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Boats are seen moored in the marina at Vouliagmeni, a coastal resort on the Aegean Sea, in this aerial photograph taken over Vouliagmeni, Greece. Greece faces the threat of rolling power blackouts as the economic crisis leaves utilities without cash to pay for natural gas imports and operate power stations.

Posted by on September 13, 2012. Filed under Economics,Europe,Greece. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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