19 May 2011

Banks appointed to help govt sell assets

10:00 am on 19 May 2011

Greece has appointed banks to help with its privatisation programme.

The government is considering selling some of a state gaming monopoly and a racetrack operator and establishing a new company to run state lotteries.

Greece intends to raise 50 billion euros ($US71 billion) through the sale of state assets. Stakes in telecos, ports, water agencies are to be reduced.

The BBC reports Greece must cut its budget deficit to 7.6% of GDP this year to meet the terms of a bail-out by the its EU and International Monetary Fund.

The EU and IMF are waiting for Greece to give further details of its plans before paying the next tranche of cash.

Their total bailout package is worth about 110 billion euros ($US156 billion).