BUSINESS

Elliniko holds key to takings from sell-offs

VANGELIS MANDRAVELIS

TAGS: Privatizations

The Elliniko development project is again key to the privatizations program’s revenues projections, this time for 2018.

Although the economic settlement of the mega-project in southern Athens was supposed to have been completed by end-2017, before being put off until early 2018, it is now set for June 2018. But this latest estimate may prove too optimistic as well, given that besides the approval of the necessary presidential decree by the Council of State, the start of the casino licensing process is also among the outstanding issues yet to be settled.

The representatives of the country’s creditors estimate this year’s revenues from state asset utilization will amount to 2 billion euros, evenly divided between the two halves of the year. However, it is stressed that the target of the first half depends on how long the economic settlement of the Elliniko project will take. The down payment of the 915-million-euro deal with the Lamda Development-led consortium is expected to amount to 300 million euros.

As for the casino permit, the government’s effort to speed things up appears to have failed once again, as the permit tender will not be proclaimed before September.

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