A new privatisation bonanza is underway in southern Europe, with Greece and Portugal leading the way. But recently published research shows the trend in recent years in Europe has been in the opposite direction as it becomes ever clearer that there are no benefits – except for the corporations and fat cats
The European economic crisis is misery for most, but is proving quite a boon for those who don’t know the meaning of austerity. The billionaires, the well healed corporate executives, the owners of private equity groups or ‘vulture’ funds.
For privateers seeking to make a quick buck, Greece, is the new ‘El Dorado’, as the country’s privatisation chiefs has put it. The IMF-EU-ECB or ‘Troika’ want the country to raise €50 billion through sell offs of state owned assets by 2022. To be sold to the highest bidder are stakes in banks, utilities, the national lottery, ports, airports…
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