ECONOMY

OTE may be forced to sell assets to pay off debts

OTE Chairman and Chief Executive officer Michael Tsamaz said on Thursday that the telecommunications giant could sell more of its assets than just HellasSat in order to pay off its loans expiring by 2013.

Telecom satellite HellasSat will be sold in the next six months.

Tsamaz was speaking during a presentation of 2011 results, which showed OTE revenues drop by 8.1 percent to 5.04 billion euros.

Earnings came to 120 million euros.