Cash-strapped Greece is so badly off that it has resorted to desperate measures - and begun selling off its islands! It emerged today that Europe’s most sickly economy, is trying to sell a giant chunk of land on the holiday island of Corfu to raise cash to tackle its debts.
Officials within the Government revealed that a tender has been launched for a public sale of a large seaside plot on the beautiful island. The Hellenic Republic Asset Development Fund said it is seeking to sell the 'right of surface' for the 120-acre, forested property at Kassiopi for up to 100 years.
The sale is the latest scheme Greece has come up with in an attempt to raise 50billion euro ($66billion) to clear its debts via privatisations and concession sales, fifty per cent of which will involve sales of land.
Greece has promised to raise 19billion euro ($25billion) of that sum by 2015. The prime land has been protected for decades and is in the beautiful northeastern part of Corfu. It’s likely to be developed into a residential holiday complex.
Greece agreed to the privatisation program as part of the deal that granted it a series of international rescue loans that have been keeping it afloat since May 2010. Without the deal, the country would have been kicked out of the Eurozone and been plunged into an unthinkable economic crisis.