ECONOMY

Dritsas announces cancellation of OLP sale

Before even undertaking his portfolio, the new government’s alternate minister for shipping, Theodoros Dritsas, announced the cancellation of the privatization of Piraeus Port Authority (OLP).

On his way to the swearing-in of the new government, Dritsas stated that “the public character of the port will be maintained. The OLP sell-off stops here.” He added that the state privatization fund (TAIPED) or its new form will suspend the process for the sale of the majority stake in OLP.

The cancellation of Piraeus Port Authority’s privatization is certain to signal the same fate for its Thessaloniki counterpart, which was also in line for a sell-off by TAIPED. If the new government chooses one mode of operation for OLP, it is likely that it will also impose the same on all of the country’s ports.

The signs regarding the future of Greece’s privatizations and TAIPED are quite ominous. Although the duties and competencies of the new members of the government have not yet been clarified, the appointment of Nadia Valavani as alternate finance minister is certainly not a good omen for the sell-off program.