FinMin speeds up on privatizations

Greece’s Finance Minister Evangelos Venizelos will inform his eurozone counterparts on Monday about the progress of the new privatization fund to be created, starting with the composition of its governing board.

Sources suggest that former Justice Minister Michalis Stathopoulos will chair it.

On the same day the state will cash in some 391.6 million euros from the sale of a 10 percent stake in OTE telecom to Deutsche Telekom. The next sell-off moves are set for September and will probably include state gaming company OPAP, Athens International Airport and the state lottery, adding up to a targeted amount of 1.5-1.7 billion euros.

The government will not wait for the new fund to take shape but will start the privatization process this quarter in an effort to get results as soon as possible.