State-owned assets in Greece could be placed in the hands of a Luxembourg holding company, according to a new report.
The report, by the European Stability Mechanism (ESM), the EU's bailout fund, would see the management of state-assets taken out of the hands of Athens, and taken-over by a Luxembourg-based holding company run by international experts, according to the Financial Times.
The aim is to speed-up the stagnant privatisation process in Greece, currently managed by the Hellenic Republic Assets Development Fund, which is mired in bureaucracy.
Under the proposals, commissioned by Eurozone finance ministers, the holding company would manage the Greece's real estate portfolio independently from the government. Many assets are seen as unattractive to buyers.
The news comes as speculation continues about whether or not the troubled country will need further financial assistance from international creditors.
According to troika estimations in 2012, privatisation revenues were expected to raise €19 billion by the end of 2015. However, this projection was revised in July, with €3.2 billion expected by the end of the year, and €8.7 billion now anticipated by the end of 2015.
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