Wednesday, April 14, 2010
Germany Wants Greece To Sell Off Its Islands In Return For Cash
What does Germany lack? Great Mediterranean beaches.
Perhaps that's the motivation behind a German MPs suggestion that Greece sell some of its islands for cash before asking for freebie European handouts.
“A bankrupt party must use everything he has to make money and serve his creditors,” said Josef Schlarmann, a member of Chancellor Angela Merkel’s Christian Democratic Union, who heads a lobby representing 40,000 business owners and managers allied to the party.
“Greece owns buildings, companies and several uninhabited islands, which can now be used to repay debt.” Greece must “radically part with company shares and also sell property, for example uninhabited islands,” said Frank Schaeffler, financial expert of Germany’s Free Democratic Party
Given the protests of late, we can imagine that uninhabited Greek islands might go for a premium.