Greek foreign debt stood at 328.34 billion euros at the end of June, up from 321.015 billion euros in March, following the conclusion of the first review of the Greek program (third bailout) and disbursement of the most recent loan tranche from institutional creditors.
Of the total, some 225.96 billion euros, or 68.9 percent, is owed to institutional creditors, the SSM, the ECB and the IMF.
Meanwhile, Greek State Guarantees reached 13.859 billion euros in the first half of the year, while 2016 also witnessed the first default of a state-guaranteed loan – taken by the state-run railways (OSE) – and the sum of 608.21 million euros added to the country’s overall debt. (Naftemporiki.gr)
PS thank God, we have been bailout three times, and the debt has not reached 329 billion :p
So when Greece was forced to sell the railway system( to help pay down national debt) They basically gave away the assets for a song and got lumbered for its debt.The railway was sold for 50 million euros so by selling it government debt was increased by 558 million euros.
Given that Greek Railways per year generate a loss of about a billion Euros a year, selling it will pay off after less than a year.
The entire strategy of the eurogroup (read: Germany) was to force privatisation of state assets in the name of progress, while actually engaging in a “fire sale” that could only damage Greece’s economic and budgetary future. The problem is that there are too many people on the right who believe in privatisation as a panacea for all economic ills. Clearly it is not, especially as most Greek ills are found more or less equally in both private and public sectors.
Just to remember: before the northern bank bailouts [“loans to Greece”] our debt was 120 billion euros. And maybe lower if Zoe Georganta of 2009 ELSTAT is proved correct (in some distant future).