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Kammenos to lease all properties of Greece’s Defense Ministry for 50-99 years

I can’t help to reckon an old Greek sales slogan: “The boss went nuts!” Retailers used it when they offered their products at ridiculously low prices. Of course, I don;t want to imply that Greece’s Defense Minister Panos Kammenos will offer all properties of the Ministry – estimated worth €35 billion – will sell them at a spot price.

Speaking at a meeting of the Commercial and Industrial Chamber of Athens Defense Minister and coalition government junior partner Panos Kammenos revealed his/ the government’s  ambitious plans:

Project: utilization of properties belonging to Defense Ministry

Estimated objective value 34 billion euro

Investment concession for 50 to 99 years: annual price 5% of the above mentioned price ⇒ annual revenue over €1.5 billion.

Some examples: islet Fleves in the Saronic Gulf, Tourlos area on the island of Aegina, Prasonisi island off Rhodes.

Kammenos did not reveal, of course,  the full list of properties to be leased/sold/utilized – call it whatever you want – and I wonder whether he took into consideration ‘defense sensitive areas’. Note also that the new Privatization Fund has also a lifespan of 99 years.

Anyway, the Chairman of the Chamber, Konstantinos Michalos, described the ambitious plan as “positive initiative” and adding that “attracted can be substantial investment in many sectors of the economy, such as tourism, retail, leisure, business accommodation, renewable energy sources etc.”

Michalos stressed that “for the property of Defense Ministry  as well as for all public property, we need to establish a comprehensive, attractive package for investors.” He counted a long catalogue of Must-Do’s to help investors staring from prior arrangements for a number of administrative matters like town planning, environmental licensing, land use etc., transparency,  know-how, market executives,,,” – as I said a long list. 

Above all, however, the plan o utilization of public property must be accompanied by overcoming of obsessions that haunt the development and ultimately lead to the absolute inactivity,” Michalos said.

My conclusion

And then all workers in the Greek public sector will have to move in the camps and put their desks in the tents currently occupied by refugees and migrants because all public property will have been sold or leased for 50 or 99 years. As the camps have capacity to host 50,000 people, Kammenos will either have to proceed with mass lay-off s or utilize more military camp for the civil servants. Refugees and migrants will have either returned to their country or resettled to Germany, Austria and Turkey.

Just between you and me: where will the 50-billion-euro target of the new Privatization Fund come from? From the privatization of all possible and impossible public properties and assets. So far, all assets were sold far below commercial value. When the old airport area of Ellinikon, for example, was sold to only bidder, to shipowner and banker Latsis for €900-something million, SYRIZA had opposed the sale claiming that the value was €3 billion. But today’s ruling party was in opposition back then.

Being in the government and having realized that the working formula is “either fully comply or no bailout money”, the government started the Big Sales offers on the same day German Parliament postponed the bailout tranche release and a couple of weeks before the new Privatization Fund opens its gates. Supposedly the first review formally concludes today, Thursday. The creditors already make their draft list for the second review in October.

And the Greeks must go in full speed. Even with privatization of Defense Ministry assets, one of the most sensitive institution in the country. If one taboo is broken who would object the sale of Education Ministry properties… But wait until the property of the Church would have to fall for the common good. On the other hand, if Defense Ministry and the precious properties of the Church are ‘utilized’ we’re done with the Privatization and the Fund is full with billions of warm euros in zero time.

PS after so many years of austerity and pressure maybe indeed we went nuts. The boss as wells as the worker…

The lunatics took over the asylum



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  1. I don’t know why you would have thought that Kammenos was not a lunatic, even before this stupidity.
    BTW, one of the cute stupidities of Google Translate is that it is totally incapable of understanding that Kyrios (or Kyria) in front of a noun makes it a name (or proper noun) that should not be translated but transliterated. For years, I have been browsing translated articles telling me of the thoughts of “Mr Blazing” and the competing ideas of “Mr Chimneys”. Somehow, this craziness actually makes more sense when you translate their names!

  2. Well, Greece lost its sovereignty and autonomy. Now it has also lost its capability to defend them or take them back. The big fire sale of Greece is continuing.

  3. Giaourti Giaourtaki

    What a bunch of idiots: To sell like this would bring in enough money for feeding the old and poor and volunteer-militias to defend against imperialists, one could even contract the “investors” to bring their own resources like drinking water and electricity, esp if it goes like “empty monasteries for rich prick”s as they all wanna have this shit desperately; they even will wait for the pirates to come, haha. But when it makes simply no sense at all to pay “back” any interest or these odious debts.