Investor interest in Greek assets being sold as part of the country’s privatizations plan are being met with “little or no interest”, a local website reported Tuesday, citing the head of Greece’s privatization agency.
Business website Naftemporiki.gr said Kostas Mitropoulos, chief executive of the Hellenic Republic Assets Development Fund, informed Finance Minister Evangelos Venizelos in a meeting Monday of the difficulties faced in meeting targeted privatization revenues of EUR9.3 billion for 2012.
“The fund’s managing director explained to the minister that the expectations of (Greece’s) creditors are almost impossible to be met,” the website reported.
Mitropoulos estimates that privatization revenues in 2012 will not be much higher than 2.2% of gross domestic product, about EUR4.6 billion to EUR4.7 billion, added the website.
Officials from the agency met with international inspectors from the European Union, the International Monetary Fund and the European Central Bank in Athens last week over state asset sales that raised EUR1.6 billion in 2011.
In a report issued last week, the IMF said that Greece’s EUR50 billion privatization program has been pushed back two years to 2017 due to uncertainties in the banking sector and difficult market conditions.
EasyForexNews Research Team