Greece’s port workers’ union filed with the country’s highest court to cancel the government’s transfer of shares of Piraeus Port Authority SA (PPA) and Thessaloniki Port Authority SA to the state asset-sales agency.
The federation of Greek port workers unions asked the Council of State to overturn the transfer of the stakes to the Hellenic Republic Asset Development Fund, on the ground that it was unconstitutional, according to an e-mailed statement from the union on Tuesday.
The government transferred stakes in the ports to the agency this year with a view to selling them to investors as part of a program to raise 50 billion euros ($63 billion) from asset sales by 2020. The sales are a condition set by the European Union and the International Monetary Fund for 240 billion euros of bailout loans. [Bloomberg]