Privatization

Foreign investment companies and Greek market sources are worried that the privatizations program and its anticipated revenues could go off track, as the country's de facto entry into an election period of unspecified duration, combined with the government's marginal parliamentary majority, will likely lead to a selective tabling of bills.

Ever since the advent of the neo-liberal agenda in the early 1980s, privatization has been presented as a panacea for all economic problems. Proponents have consistently talked about the benefits of reducing government size and personnel to ease the burden on national budgets and improve the overall economy.

History is repeating itself. Yet another Greek government has decided to stop every reform - or stop pretending it is implementing any reforms - and start handing out benefits.

Greek state officials have effectively put their pencils down and nothing is happening. 

Privatizations have frozen, and any big symbolic moves have been put on hold. 

The businessman Nikolai Banev and his wife Evgenia were detained in France with a European arrest warrant. This is another business family against which a large-scale investigation is being conducted, reports BNT. 

The efforts of the government and the privatizations hyperfund to streamline the salaries of heads of public sector companies (DEKO) were doomed to failure from the very start.

The consortium of European firms Snam, Enagas and Fluxys, named Senfluga Energy Infrastructure Holdings SA, is as of Friday the new owner of the controlling stake in natural gas grid operator DESFA, almost six years after the first attempt to privatize the company.

Athens has short-listed both remaining candidates in the tender for the privatization of Hellenic Petroleum, while Brussels opened the way on Monday - in record time - for the completion of the privatization of gas grid operator DESFA.

Greece will launch a tender in November to sell a majority stake in gas company DEPA's commercial operations, the country's privatization agency (TAIPED) said on Monday.

The sell-off of Public Gas Corporation (DEPA) is stuck in limbo ahead of the completion of the privatization of Hellenic Petroleum (ELPE) and the finalization of the deal for DEPA to buy Shell's stake in the Attica Gas Corporation.

Four or five major stumbling blocks look likely to weigh on the last bailout review that started on Wednesday at the Hilton hotel in Athens, according to a senior Finance Ministry official.