17 Apr 2011

Greece to sell state assets

7:00 am on 17 April 2011

Greece has announced plans to sell state assets worth 50 billion euros ($US72 billion) in a bid to get its finances back on track.

Government stakes in a utility power company, a telecom operator and bank will be sold by 2015.

The BBC reports the government also aims to save 3 billion euros in a mid-term budget, of which 2 billion euros will come from cutting tax breaks.

The moves will help it meet conditions of a bailout by the European Union and the International Monetary Fund last year, worth 110 billion euros.

Finance minister George Papaconstantinou said the cuts would keep the country within its targets.

More details of the plans will be revealed after Easter and will be then submitted to parliament.

Greece received a bail-out worth 110 billion euros from the European Union and the International Monetary Fund last year.