Today's Coming Crisis Movie

Friday, August 24, 2012

Greek PM says country May 'to sell off islands' in bid to avoid bankruptcy

Greece is considering selling off some of its islands to avoid national bankruptcy.

Greek prime minister Antonis Samaras said yesterday that leasing islands might ease its woes.
Greece has around 6,000 islands in total, many of which are uninhabited.

He told French newspaper Le Monde: ‘On condition that no national security problem is posed, some of the islands could be used commercially.

'It would not be a case of getting rid of the islands, but of transforming unused terrain into capital that can generate revenue, for a fair price.’

Mr Samaras argued that attracting foreign investment was crucial to reviving the Greek economy, adding that sections of Greece’s Attica coast to the east of Athens may also be attractive to private buyers.

Under the plans it is likely that developers would lease the land for a period of decades and build houses and hotels.

The proposal comes as Athens pleads with eurozone leaders for more time to implement an austerity programme. Read More