July 18, 2015

CAPITALISM UBER ALLES:

Greece's leftist government pledges privatization push; experts doubt 50B euro goal reachable (ALAN CLENDENNING, 7/18/15, Associated Press)

Work was supposed to begin next year on a 7 billion euros ($7.6 billion) waterfront urban renewal project almost twice the size of New York's Central Park that could have poured nearly a billion euros into Greece's depleted coffers. The plans stalled late last year after the far-left Syriza party took power and promised to halt attempts at putting the private sector in control of state assets, both on ideological grounds and because leaders believe rampant corruption must be addressed before any sell-off.

Now, in an attempt to get a third European bailout and prevent the Greek economy from collapsing, the ruling party has done an about-face. It has pledged to fast-track the waterfront project, plus sell government assets and allow for private development of state-owned property, all to generate cash that will help reduce Greece's 320-billion-euro national debt and pay back money lent by European nations to prop up ailing banks.

Experts say the goal set by Greece's European counterparts for the country to raise 50 billion euros in privatizations and private use of state property is probably impossible -- but that Greece must make a better effort than it has in the past.

Always fun to watch the rarely elected Leftist government kick against the End of History futilely before conceding.

Posted by at July 18, 2015 8:23 AM
  

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