ATHENS--Greece repealed Thursday a law obliging the state to
keep a minimum stake in a number of key public companies, such as
the country's ports, utilities and gambling company, paving the
road for future privatizations.
"By decision of the cabinet of ministers, a legislative act has
been signed that abolishes the minimum stake held by the state,"
the Finance Ministry said in a statement listing more than a dozen
state companies including the power company Public Power Corp. SA
(PPC.AT) and gambling company OPAP SA (GRKZF, OPAP.AT).
This eliminates one of the more than 70 laws and regulations
that the goverment has to address in order to unblock the
privatizaton program.
The country's privatization program is a key part of a broader
plan put together by Greece's international creditors to slash its
massive debt and help the country avoid default. Greece plans to
raise some EUR19 billion ($24.01 billion) from privatizations by
2015, and some EUR50 billion over the medium term.
Earlier Thursday, the Greek privatization agency's new
leadership, chairman Takis Athanasopoulos and chief executive
Yannis Emiris were approved by a parliamentary committee allowing
them to formally undertake their new roles.
"The EUR19 billion target by 2015 can be achieved, under the
basic condition that there will be an appropriate business climate
in Greece," Mr. Athanasopoulos told lawmakers.
Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com
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