Chaos with state properties

Shortly before the country was forced to sign its first bailout agreement in 2010 there were proposals for the utilization of the state's real estate by issuing a bond guaranteeing the approximately 72,000 properties managed by the Hellenic Public Properties Company (ETAD) to finance the debt, with talk about the possibility of raising 50 billion euros.

The years passed, the Greek debt increased and instead of a bond secured by ETAD properties, the Superfund was established with a much wider portfolio and ETAD as a subsidiary, as well as bank bailout fund HFSF, TAIPED and dozens of very important holdings in listed and unlisted businesses. But the debate over how to tap the state's real assets continued.

However, when a few years ago a businessman tried to start a fish farm on Agathonisi, the true extent of the chaos in ETAD's portfolio began to be revealed,...