Greece to Sell Two Key Ports

Port of Piraeus

By MarEx 2015-07-11 18:34:57

Greek PM Alexis Tsipras is maneuvering as fast as he can to put together a bailout deal as the country’s new bailout proposal is being reviewed by the EU Commission, the European Central Bank and the International Monetary Fund. Meanwhile, Angela Merkel, Chancellor of Germany, has cautioned that Greece’s options are limited.

The Tsipras government is now supporting a previous proposal that would sell the government’s stake in two key ports of Pireaus and Thessaloniki. Meanwhile, APM Terminals, a subsidiary of A.P Moller-Maersk has voiced strong interest in buying the ports, which Greece owns more than three-quarters of. The Greek government will use the monies to help offset the country’s creditors if a bailout deal is made between Greece and the EU.

Greece will announce binding bid dates no later than October 2015.