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Greece Offers Islands in Order to Pay its Debts

News Greece has offered to lease as many as 40 uninhabited islands for at least 50 years. According to the country’s officials, these lands are a perfect location for resorts and other recreational facilities. All the islands are uninhabited and feature pristine nature in all its glory.

As Andreas Taprantzis, executive director of Hellenic Republic Asset Development Fund, mentions, these locations are close to mainland Greece and have the necessary infrastructure developed. The lease of these islands will not threat the national security either. Due to the country’s legislation the islands cannot be sold, but they can be leased for 50 years or longer.

These islands can help Greece cope with its huge debt of 240 billion euros. Currently the main target of Hellenic Republic Asset Development Fund is to raise approximately 50 billion euros from selling various state assets.

The islands that are selected for lease differ in size (from 500,000 sq. m. to 3 million sq. m.) and can be turned into tourist resorts. The territory of Greece includes 6,000 islands, some of which are already privately owned. The fund has reviewed 562 islands and has selected the most attractive ones that have the chance to attract investors. However, in order to make the lease possible, current legislation must be changed. The government must permit development of public properties by third parties and reduce the minimal allowed number of buildings.

We might see this initiative come to action because currently asset sales programme of Greece has raised just 1.8 billion euros and this fact has raised criticism among European officials.


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