The economic occupation of Greece is getting …better and more obvious. The Troika, the European Union and the European Stability Mechanism (ESM) have big plans concerning the real estate assets currently managed by the Greek Privatization Fund (TAIPED).
According to newspaper Proto Thema that grabbed the confidential report prepared by ESM, the Troika wants to grab the real estate privatization procedures through a management set up by foreign technocrats. “An international institution based outside Greece.”
The sale and the use of public property, whether business, real estate or land, should be managed by Greece’s lenders and not by the TAIPED. “Because the country’s lenders believe that TAIPED does not achieve the required targets.”
The Troika boldly claims the management of Greece’s public assets.
Below some excerpts from the confidential ESM report, dated 11. June 2013.
Real Estate based assets financing for he Hellenic Republic
The proceeds would be remitted to the Hellenic Republic and onwards to its creditors as required.
Keeping public sector control over these assets requires a setup insulated form political interference and sufficient managerial experience.
In some cases, changes in the law may be required.
a) be provided by an international institution in order to give them sufficient credibility or
b) be given also to an international institution which either co-invests in the projects or whose interests are and are seen to be aligned with those of the private sector investors.
The Holding Company would have the express power to create subsidiaries and sponsor SPVs to further {…} its corporate goals, including subsidiaries and SPVs outside Greece.
Supervisory Board: The majority of members of the Supervisory Boards could be appointed by the Troika/ESM/EFSF. (from Proto Thema print edition)
The confidential report has been allegedly submitted to the Greek government in June and is expected to be discussed with the Greek government during the next Troika visit. The Troika controllers are expected in Athens in September, I think.
To these really hideous proposals KTG sees only two solutions:
a) the Troika wakes up to see Santa has not arrived yet
b) Greeks wake up to see Santa has grabbed all public assets with the blessing of any Greek government.
Furthermore, KTG sees the German dream of a Treuhandanstalt still alive and kicking and thus with the aid of the Greek government that does anything in its hands to undermine privatization efforts – on purpose or on inability is still to be seen in the next decades.
The Treuhandanstalt (“Trust agency”) was the agency that privatized the East German enterprises after the reunification with West Germany in October 1990. The Treuhandanstalt operations drew criticism from some quarters for unnecessarily closing allegedly profitable businesses, misuse and waste of funds and layoffs that were claimed to be unnecessary. It also drew substantial protests from the workforces affected.
more on Treuhandanstalt in short here. There were also some scandals, I could reckon….
