ECONOMY

Renewal of mobile phone licences up

The procedure for the renewal of two mobile phone licences, belonging to Vodafone and Wind Hellas, which expire in 2012 has started. The government hopes to raise about 250 million euros but this amount could be higher. Telecom regulators EETT estimates that revenues from the license renewal could raise around 500 million euros. This amount may be considered excessive given that the sector has been hit hard by the recession and tax hikes. Revenues in 2009 dipped 9 percent followed by a 15-20 percent in turnover last year. Sources believe that this year will be worse for the sector.