ECONOMY

Sell-off plan ?challenging?

Greece?s ambitious updated privatization program is positive for market sentiment but the completion of some sell-offs in 2011 may be challenging, according to EFG Eurobank Equities.

In a note issued on Tuesday, the brokerage said that ?it will be rather challenging for some privatizations to take place this year, with the exception of OTE, while others are likely to meet the objections of worker groups, such as [Athens and Thessaloniki] ports and power company PPC.?

The Finance Ministry unveiled an ambitious sell-off agenda on Monday in a bid to raise 15 billion euros by 2013 as part of a broader plan to earn 50 billion euros by 2015 that will go toward paying down debt.

The Finance Ministry?s decision to sell up to 16 percent in OTE telecom is ?particularly positive,? the brokerage said, keeping the stock its top pick with a target price of 10.50 euros.

OTE shares jumped 4.31 percent to 6.77 euros on Tuesday, versus gains of 0.13 percent in the broader market.