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Asta Pravilonytė
Every manager can call him or herself a good strategist if he or she only works within an environment that is favourable; however, it is only in times of stress that one truly learns what one's capabilities are! |
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Monday, 16 May 2011
The Greece’s €110bn joint EU-IMF bailout package approved last year won't be enough to stabilize Greek economy. The country needs to find another €60bn to cover its deficit, repay long-term loans and support banks through 2013. However, the S&P downgraded Greece’s credit ratings to B and increased over 16% ten year government bond yields force Greece to negotiate on another rescue package alongside with considerations on debt restructuring. Thus, what else can Greece do to help itself?
According to the decision of the Greece Interministerial Committee for Asset Restructuring and Privatisations which was made on December 15, 2010, the Real Estate and Asset Privatization programme involves government intentions to transfer operational management of the country’s strategic communications: airports, railways, motorways, marinas and ports through concession agreements, search for the best available privatization options for its stake in energy and natural resources supply and operations such as natural gas suppliers and natural gas network operations, water suppliers and nickel mining operational improvements as well as the selection and privatization of major real estate assets. The estimated incomes from the Asset Management and Privatization programme amount €7bn within the 2011-2013 period and that is not sufficient to meet outstanding Greece debt obligations.
The privatization programme may be more successful if assets were sold according to the potential increase of its values after assets’ restructure and operational improvements. Thus, the country would benefit more by suggesting investment opportunities rather than sales of its real estate assets. Moreover, when media capture attention to Greece, it is the right time for the country to take the opportunity and present the guidelines of its economy development trends, advantageous of produced domestic products and provided services as well as to promote investment opportunities in private sector.
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