Greece begins sell-off to counter debt crisis

Sale of leases on state property and land for tourist development among assets up for grabs.

Greece to sell off assets

Greece’s ruling socialist party has passed a second austerity bill needed to implement an austerity package to secure more funds from the European Union and the International Monetary Fund.

The vote saw 155 members of parliament voting in favour of the bill, 136 voting against and five abstentions.

The Greek government will now start to implement harsh cuts, but it also has plans to make money – many of which are proving to be controversial.

Athens wants to raise $72bn in the next four years by selling off state assets.

The state lottery, water companies, electricity and gas monopolies are among those up for grabs. Also for sale are leases on state property and property for tourist development.

Tania Page reports from Athens, the Greek capital.

Source: Al Jazeera