DEPA stake goes on sale

As the government gears up to get the process of the Public Gas Corporation (DEPA) and gas distribution operator DESFA?s privatization under way on Wednesday, it admitted to the country?s creditors that its likely revenues from state sell-offs this year will be far less than expected.

The 2012 budget provided for privatization revenues to come to 9.3 billion euros, but the state privatization fund (TAIPED) told International Monetary Fund and eurozone representatives that the likely sum this year will only come to 4.7 billion euros.

It cited the fact that investors are waiting to see what happens in Greece?s debt swap negotions before making any moves as the reason for the delay in the program?s implementation.

The state holds a 65 percent stake in DEPA.

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