Privatize? Yes, but do it right

No reasonable person would disagree with the need to privatize loss-making organizations and corporations currently under the control of the state. That said, any privatization of public companies must take place with complete transparency and with respect for the laws of the land. Furthermore, politicians must provide the public with clear and convincing explanations for the privatization plan. After all, the voting public has every reason to expect an explanation from this Socialist administration which, while in opposition, spoke in favor of renationalizing a large number of companies and argued for the need of a big state-owned bank. Reports of plans by Piraeus Bank to take over the Greek state’s stakes in ATEbank and Hellenic Postbank have raised a number of questions. Allegations of secret deals with government officials and the lack of a formal privatization process have created a climate of mistrust. In the end, these rumors could undermine any serious privatization effort being considered by the state’s economic planners.

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