Greek election delays key privatization program

AP News
Posted: May 16, 2012 11:44 AM
Greek election delays key privatization program

Greece's privatization fund says it will delay decisions on the country's ambitious drive to sell off state assets until after next month's national elections.

The fund says it made the decision Tuesday despite concerns from observers at its board of directors representing the European Union and the eurozone.

A fund statement Wednesday added that its chairman tried and failed to find a way for the board to continue making decisions on the invitations to express interest.

Under its international bailout agreements, Greece has committed to raise (EURO)19 billion ($24.2 billion) through privatizations by 2015 _ and has so far raised about (EURO)1.5 billion.

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The anti-bailout Radical Left Coalition party, which came second in inconclusive May 6 elections, insists that no decisions be made on privatizations until after the forthcoming polls.