Greece: Selling Assets Among the Ruins

Greece must sell state assets, but the obstacles pile up
A PPC plant in Greece: tough union, low share price Photograph by Orestis Panagiotou/EPA/Corbis

In the mountains of northern Greece lies an $800 million power plant whose future may help determine whether the country can salvage its place in the euro zone. The facility near Florina, the town known as “Where Greece Begins,” is the most modern of four production units that the state-controlled Public Power Corp. is scheduled to sell to competitors to meet European Union demands that the country deregulate its energy market. Public Power, or PPC, is itself a prime candidate for sale to help the Greek government raise the money it needs to support its budget and satisfy the demands of the International Monetary Fund, the European Commission, and the European Central Bank to shrink the government.

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