Greece’s Cabinet Approves Asset Sales After Bond Market Selloff
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Greece’s Cabinet endorsed another package of spending cuts and state asset sales after the worsening bond-market selloff across the euro region forced the government to step up austerity measures.
Finance Minister George Papaconstantinou is seeking financial advisers to sell stakes in Hellenic Telecommunications Organization SA, Public Power Corp SA and a number of other companies, according to an e-mailed statement in Athens today. The government also approved revenue and spending measures to reach its 2011 deficit target after falling short of its tax collection goals.