The head of Eurogroup, Jean-Claude Juncker, has apparently a PhD in “Bomb Shelling”. Last night he hurled his latest attack amid the ” €50 bn privatization of state assets”- dispute between the IMF/EU/ECB-Troika ( “sell”) and Athens (“utilize”).
Jean-Claude Juncker, described as ‘impressive” Greece’s efforts to meet the targets set by the European Union and the International Monetary Fund (IMF) and said he was satisfied with plans to privatize 50 billion euros worth of state assets over the next five years.
But what did he really say? Did he say “sell” or just “privatize”? To tell you the truth I wasn’t there when Juncker was speaking, but I heard a Brussels correspondent of ALTER television saying Juncker urged Greece to sell in order to decrease the Debt.
What’s the difference?
Greece’s deputy prime minister, Theodoros Pangalos, made it clear during the same television program. “Sell” means the transfer of ownership deeds, he said, while “Utilize” means the long term leasing, for example for 50 years”. Athens promotes the “utilization” option.
Now in Greece there is a huge debate as to whether foreign investors will be willing to “lease” Greek state real estate properties bound into a complicated system of ownerhsip and thus in a country which is proven unfriendly to investments under the current laws.
Read about the IMF/EU/ECB – Greece dispute here