A much-anticipated decision by Greece’s Council of State (CoS) to approve a presidential decree that is considered as the last main bureaucratic hurdle standing before the start of a landmark privatization in the country – the Helleniko land development project – is reportedly expected by the end of the month.
The presidential decree, on its part, has already approved a master plan submitted by a Lamda Development-led consortium. The latter has been awarded a concession to develop a massive land area in coastal southeast Athens, where the Greek capital’s one and only commercial airport once stood.
Delays in launching the project, itself a memorandum-mandated obligation, is one of two “prior actions” that Eurozone finance minister this week judged as not having been implemented by Athens, out of 108 already fulfilled. The Helleniko privatization, along with e-auctions of foreclosed real estate, postponed the disbursement of a 5.7-billion-euro loan tranche to Athens at least until next month.
Once a ruling is made by the CoS, Greece’s highest administrative court, it will take an additional two months to officially publish the decision.
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Source: naftemporiki.gr
