Lobby group calls for public real estate utilization

Greece could make 75 billion euros immediately and slash its public debt considerably by selling a sizable amount of its real estate property, a group of prominent politicians and business executives who form the KAPPA Initiative lobby group said on Monday.

Speaking at a press conference, former minister Stefanos Manos (right) and the general director of the Foundation for Economic and Industrial Research (IOBE), Yiannis Stournaras (left), proposed that the state could set up an investment company to manage a portfolio of real estate up to 200 billion euros.

These properties could then be sold to a European body such as the European Investment Bank that would pay cash immediately.