Business News 16.9.2016 11:08 am

Greece set to sell its toll to secure bailout

Image courtesy stockxchnge.com

Image courtesy stockxchnge.com

The sale is reported to be necessary for Greece to pass a first progress review by the country’s European Union and International Monetary Fund lenders.

Even as South Africa searches its collective soul and faces down the threat of a downgrade by the international rating agencies, readers might spare a thought for Greece, which looks set to sell the rights to a 670km toll road for 35 years to unlock the country’s next tranche of bailout loans.

News agency Reuters names a senior privatisation agency official, speaking on condition of anonymity, as the source of Thursday’s claim that a tender would be launched before the end of this month for the long-term lease on the Egnatia toll.

The sale is reported to be necessary for Greece to pass a first progress review by the country’s European Union and International Monetary Fund lenders and receive another €2.8 billion in a bailout that could ultimately be worth a total of €86 billion.

Egnatia is a major trade route in the Balkans, linking Igoumenitsa port in eastern Greece to the Greek-Turkish border in the west.

– African News Agency (ANA)

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