Trade with Greece
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privatization of state enterprises, as well as the
recording and development of the State’s real prop-
erty, by 2015. The plan that has been agreed with
the Troika provides for the formation of a portfolio of
holdings and commercially utilizable properties
worth at least €50 billion. The aim is to collect at
least €50 billion in the period 2011-2015, €15 billion
of which should be collected by 2012.
According to the updated Memorandum, the sale
of the State’s stake in the Mont Parnes Casino
and the extension of the concession agreement
for the Athens International Airport (AIA –
“Eleftherios Venizelos”) must be completed by
June, while the state must privatize DEPA,
LARKO and sell at least 49% of TRAINOSE, also
ceding its management, by the end of the year. In
addition, the government will review its stakes in
state-run banks, such as the Agricultural Bank of
Greece, Hellenic Postbank and the Consignment
Deposits and Loans Fund.
8. Labor relations in banking:
A provision, plac-
ing all bank employees under the same status
with private sector workers, irrespective of the
credit institutions’ ownership structure, will be
soon tabled to parliament.
9. State-run banks:
The Consignment Deposits
and Loans Fund will be split into two companies:
one for consignments and one for banking opera-
tions (lending). The new bank may possibly be
absorbed by ATE, which has already launched a
plan for divesting its subsidiaries. The Greek
State will be able to provide additional guarantees
of €30 billion to enable banks draw liquidity
through the issuance of bonds, in order to help
them finance the Greek economy. Moreover, the
Bank of Greece has asked banks to prepare and
implement medium-term plans for finding new
sources of finance, apart from the Eurosystem.
The banks’ plans must include measures for cut-
ting down on their operating and payroll costs.
The updated Memorandum also explicitly states
that the government must encourage local banks
to enhance their capital structure through merg-
ers or strategic alliances.
10. Energy:
The plan for opening lignite-fired
power generation to third producers has started
being implemented. Moreover, the government
must establish an independent agency responsi-
ble for the management of hydroelectric power
generation and impose a “Green tax” on industri-
al carbon dioxide emissions, while, according to
the plan for the opening of the electricity markets,
regulated electricity prices will factor in wholesale
prices and will reflect production costs.
11. Airports:
The government will establish a
regulatory framework for the development of
regional airports through concession agreements.
According to the Memorandum, this new frame-
work must support the development of the
tourism sector, prevent monopolistic practices
and provide for the proper supervision of the allo-
cation and operation of concession agreements,
fully adhering to state aid regulations.
12. Transport:
Passenger transport will be offi-
cially liberalized. By March, the responsible min-
istry will adopt a law abolishing all restrictions in
the transport of passengers by means of busses,
coaches and limousines, and guaranteeing that
all entities adhering to explicitly stated profes-
sional adequacy criteria shall have unlimited
access to the market.
13. Arduous and unhealthy occupations:
The
list of arduous and unhealthy occupations is cut
