Race to sell large debtors

Greece?s privatizations authority (TAIPED) was on Tuesday reported to have reached agreement for the liquidation of two of the country?s most indebted state-owned enterprises, the ODIE horse-racing organization and mining and metals group Larco.

Their combined debts exceed 500 million euros and assets will be sold after the liquidation. The assets of ODIE, a legacy of the 2004 Olympics, are the license to conduct horse-racing betting and its real estate in Markopoulo, outside Athens.

TAIPED has handed the government a long list of pending matters that have to be legislated upon for the privatizations to proceed. It is considered important for Larco, once one of Europe?s leading nickel producers, to remain in operation until it is sold.