Greece said to delay asset sales as coronavirus impact hits prices

Greece will raise only a fraction of what it initially expected from privatizations this year, as the coronavirus downturn has forced it to put planned asset sales on hold to avoid low offers.

Athens expects privatization revenues of between 350 million and 400 million euros this year, the head of its privatization agency Aris Xenofos told Reuters on Wednesday, well below the 2.4 billion euros ($2.6 billion) it had originally targeted.

Asset sales are important for Greece, which has been bailed out three times and emerged from a decade-long debt crisis in 2018, as it seeks to attract investment to restart its economy and lower public debt, one of the highest in the eurozone.

Greece expects to wrap up a long-delayed lease of its former Athens airport site, known as the Elliniko project, for 300 million euros by the end of the year as originally expected.