ECONOMY

Troika agrees to revising selloff targets from 2012

The government appears to have convinced its creditors that the targets set for the privatization program were particularly optimistic and are in need of a revision.

The troika (EU, ECB and IMF) is convinced that Greece will meet the targets for the collection of 1.3 billion euros next month and another 3.3 billion by the end of the year. However, the targets of 10 billion for 2012, 7 billion for 2013, 12 billion for 2014 and 15 billion for 2015 seem rather impossible as things stand right now, given also the decline in the stock market.

The European Union?s Economic and Monetary Affairs Commissioner Olli Rehn acknowledged on Friday that Athens may have to readjust the timing of its planned sales.

?The value of some of the assets earmarked for privatization has been declining in recent quarters,? Rehn said in a response in Brussels to a European Parliament question. ?In case of difficulties in meeting the targets, the rhythm of disposal of state-owned assets and the stakes offered for sale could be revised in order to ensure the quarterly privatization targets are achieved.?