ECONOMY

Greece seeks investors in Turkey for asset sales

Greek officials are meeting with investors from Turkey to showcase a sale of state-run assets, reflecting a reversal in the fortunes of the two regional rivals, as Greece faces possible default and Turkish growth rivals China.

Officials of the Greek asset sales agency, investment office and Foreign Ministry will give presentations and hold talks with Turkish businessmen in Istanbul today.

The ascent of Turkey, a nation of 74 million straddling Europe and Asia, stands in counterpoint to the decline of Greece, its centuries-old adversary. The Turkish economy, which expanded 9.6 percent in the first nine months of 2011, is forecast to grow more this year than any in the European Union. National Bank of Greece SA has earned more at its Turkish unit Finansbank (FINBN) AS since the financial crisis erupted in 2008 than it did in Greece.

Greece plans to raise 50 billion euros ($66 billion) by 2017, and at least 19 billion euros by 2015, by selling or renting out assets including water utilities, ports, gas companies, regional airports, postal services, tourism facilities and roads. [Bloomberg]