NEWS

Church to work with state to exploit real estate assets

The Church of Greece and the government are to work together to generate revenue from real estate assets owned by the Church.

Legislation approved by the Finance and Education ministries foresees the creation of a company in which the state and the Church will each hold a 50 percent stake after putting up half of the share capital, set at a total of 300,000 euros, each.

The company, known by the acronym EAEAP, aims to make commercial use of the substantial property owned by the Church. The real estate assets will pass to the firm via a 99-year lease. The five-member board will consist of three people appointed by Archbishop of Athens Ieronymos, one from the Finance Ministry and one from the Education Ministry. Revenues will be split between the Church and state.

Since the start of the crisis, Ierynomos has been keen to show that the Church is not shirking its duty and has denied that it benefits from tax breaks.