The Greek government must implement no less than 27 “prior actions” involving privatizations, called “key deliverables” by the EU Commission, by the end of December in order to meet a goal of concluding the third review of the current bailout by the end of the year.
The privatizations, in fact, are mentioned by name in an agreement updating the third memorandum last June.
A handful of privatizations involve the state-run and still dominant electricity utility in the country, the Public Power Corp. (PPC), including the delayed action to transfer its majority stake (51 percent) in the Independent Power Transmission Operator (ADMIE) to a holdings company. Another energy-related privatization is to institute a new mechanism for calculating networks’ capacity.
The government must also create a special secretariat for water management throughout the country and a data collection system.
Another privatization cited by creditors is the delay-plagued Helleniko real estate project, along with transferring the debt-laden Hellenic Aerospace Industry (HAI) to a state holdings company.
Meanwhile, a memorandum-mandated entity created in the 2016, the Hellenic Corporation of Assets and Participations, must acquire an internal organizational and operational charter, as well as publishing a strategic plan.
A preferred investor to assume a majority stake and the management of the natgas grid operator (DESFA) is also pending, after the first international tender failed to conclude with a sale.
