ECONOMY

TAIPED waits for green light from Eurostat

Eurostat has frozen the securitization of properties that the Hellenic Republic Asset Development Fund (TAIPED) had been planning.

The project, drafted to bring some 400 million euros into the state sell-off fund’s coffers, is still awaiting the European Commission statistics office’s nod, without which Brussels will consider it as borrowing on the part of the Greek state, as a result of which it will be added to the country’s national debt.

Market professionals describe it as yet another obstacle created by the European authorities to the country’s privatizations program, citing the problems which arose with the sale of the majority stake in the Natural Gas Transmission Network Operator (DESFA), as well as other projects.

TAIPED officials say that the portfolio of properties for securitization has been completed, including 280 assets with no legal issues pending. The portfolio contains three categories of assets: income-earning properties, properties that currently do not bring in any money but can do so immediately, and properties that require development.