What Could Greece Sell Off?

As part of a new bailout deal with European creditors unveiled on July 13, Greece has agreed to sell off state assets to generate €50 billion ($55 billion) in the years to come. Though the deal does not specify what kinds of assets will go under the hammer, there are some likely contenders:

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REAL ESTATE

Greece has already begun selling off landmark buildings, including neoclassical Culture Ministry offices in Athens, and has leased two of the capital’s ancient sites to private companies. According to the IMF, Greece has over 70,000 unused properties that could be sold, but Greek officials insist significant treasures like the Acropolis won’t be put on the market.

ISLANDS

Greece has anywhere from 1,200 to 6,000 islands, an estimated 227 of which are inhabited. Some analysts, including Nobel Prize–winning economist Joseph Stiglitz, say state-owned islands should be sold only when the depressed Greek property market recovers; private islands are already selling for as little as $3 million.

PORTS

Plans to sell off stakes in the Port of Piraeus, Greece’s largest harbor and its major shipping hub for over 2,500 years, are well under way. China’s Cosco Group already holds 35-year leases on two of the port’s cargo piers and will likely invest further now that the government has voted to allow privatization of the port. The government is also likely to sell off stakes in 14 airports.

–NAINA BAJEKAL