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Greece’s Privatization Plans – Labor Unions threaten to boycott them
Posted by keeptalkinggreece in Economy
Greece has announced its privatization plans while employees at the state-run enterprises threaten with huge mobilization. As privatizations are normally combined with lay offs, labor unions in electricity, telephone and other utilities took up the ‘arms’ and prepare a war against the government. Trade unionists are in turmoil and threaten to boycott the government plans. Especially the powerful union of Electric Power Company has started already to smite its reaction. How they will do it? They will stage strikes most probably, but what else can they do?
Greece plans to reduce its stake in Hellenic Telecoms (OTE), gambling company OPAP, Public Power Corporation and Public Gas Corporation. Regarding public property, a total amount of €15b is expected to be raised in the 2011-2015 period, and €50b by 2015.
Greece plans to reduce its stake in Hellenic Postbank and Agricultural Bank (ATE) and sell the commercial department of Loans and Consignment Fund.
The country also plans to reduce its stake in Public Power Corp to 34 percent from 51% in 2012, while stake in Public Gas Corp will be reduced to 34% in 2011, according to a statement. Public’s stake in OTE is also planned to be reduced this year.
Mining and metallurgical company LARCO will be fully sold, while water supply companies will remain state-controlled with a stake owned by private investors. Additionally, there is a provision for a strategic investor in Hellenic Post in 2012.
Government announced the extension of the concession contract with OPAP by one year, while plans to sell down its stake in 2012 to raise “significant funds”.
Read the Full privatization Plans and road map in Capital.gr
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