ECONOMY

Not all sell-off takings will go to social security funds

One word was enough to again change the purpose of the planned State Property Fund, which the government sees replacing TAIPED. A change in the draft law provides for only part of the fund’s revenues heading toward the support of social security in Greece.

“Mainly” was the word added to Article 24 of the bill, next to the destination of the fund’s revenues. It now reads that “revenues will be utilized mainly for the financing of the state’s social policy and the support of social security.”

TAIPED’s initial purpose was to utilize state assets, with its revenues going toward easing the country’s debt, as agreed with the country’s creditors. The swing toward supporting the social security system is viewed by the creditors as a unilateral move by the government.

Meanwhile all signs point to a second extension to the deadline for solving the problem concerning what happens next with the Horse Racing Organization (ODIE). It has been moved to mid-July, giving the government and TAIPED’s new administration time to negotiate the 20-year concession contract for horse-race betting with the OPAP gaming company.

Alternate Finance Minister Nadia Valavani has described that contract as an “unacceptable scribble” and she is eager to introduce conditions for OPAP to organize more horse races than the draft contract provides for, according to sources.