ATHENS: A leaked excerpt from the final agreement between Greece and its European partners, describes in detail how the new 50-billion-euro fund will operate. The document was first published by Peter Spiegel.
According to the official document, Greek authorities will have to develop a privatization program for Greek assets which will be transferred to an independent fund that will undertake the privatization. The money that the fund will receive through the privatization will be used to repay the country’s ESM loan. According to Spiegel, 50% of the 50-billion-euro fund will be used for the recapitalization of banks. The remaining 50% will be invested in the Greek economy’s growth.
This fund will be located in Greece and will be managed by Greek authorities under the supervision of the three institutions. In agreement with the institutions, a legislative framework should be adopted to ensure transparent procedures and adequate asset sale pricing.
