Greece will create a sovereign wealth fund composed of real estate and state-owned assets as it looks to accelerate its deficit reduction program, according to the Greek finance minister George Papaconstantinou.
In a May 23 statement, Papaconstantinou announced that the cabinet had agreed to take “additional measures” to raise an additional 6 billion euros, in order to achieve the country’s deficit reduction targets.
The government will push through sales of its stakes in Postbank, OTE, the main ports in Athens and Thessaloniki and the Thessaloniki water utility. A sovereign wealth fund will be created to hold assets for sale and privatization.