Greece will not give up its privatization plan after the end of its rescue program | Finance and Markets

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Greece will not give up its privatization plan after the end of its rescue program, revealed the director of Hellenic Corporation of Assets and Participations (HCAP), Rania Ekaterinari.
The third rescue program of Greece ends in August this year and the government has negotiated with its international creditors to raise 3 billion EUR by 2019 from the sale of state assets. Greece has pledged to hand over shares in Athens International Airport, the gas company DEPA and the oil company Hellenic Petroleum in private hands by the beginning of next month.
The privatization is one of the key pillars of Greece’s three rescue programs since 2010. However, they have generated only 5 billion EUR of revenue against a target for 50 billion USD. The reasons for this are both political and trade union resistance, the financial crisis and bureaucracy.
According to Rania Ekaterinari, the country is determined to implement its privatization plan. Asked whether the sales of state shares are threatened in the coming months and after the end of the program, she says there is no risk at this stage.
Greece is expected to complete the sale of a large coastal property until June, while the privatization of the gas operator DESFA and the utility company Public Power Corp will be completed by the end of the year. Later is planned the sale of EYDAP and EYATH water companies.
“Half of the proceeds from privatization are provided for the repayment of the Greek debt, which is 180% of GDP. The other part should support state-owned companies and investments to boost economic recovery”, said Rania Ekaterinari.
It also states that HCAP wants to improve the capital structure of the companies that are under the custody of the fund before restructuring them after three to five years. The Fund also provides guidance to companies, specifically for each of them, and is not just “wishful”. According to Rania Ekaterinari, each of the companies should submit a business plan by the beginning of April to help make it more viable, efficient and competitive.