Fri, June 25, 2010
Lifestyle > Travel

Greece selling islands to pay debt

2010-06-25 11:58:52 GMT2010-06-25 19:58:52 (Beijing Time)  Xinhua English

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BEIJING, June 25 (Xinhuanet) --Greek government is selling a number of the islands including a part of Greece's top tourist destinations Mykonos to pay some of its staggering national debt, media reported on Friday.

"I am sad ā€“ selling off your islands or areas that belong to the people of Greece should be used as the last resort," said Makis Perdikaris, director of Greek Island Properties, according to the report of The Guardian. Some of the real estate could bring in millions of euros.

The government expected that the sale or long-term lease of some islands will attract investment that will generate jobs and taxable income. The Private Islands website lists 1235-acre Nafsika, in the Ionian sea, on sale for 15 million euro, the report said.

The patch for sale is one-third owned by the government, the Guardian reported, citing a "trusted source close to the ongoing negotiations".

Greece was forced to accept a ā€“110 billion bailout by the EU and the IMF last month, following a decade of overspending which has left the country's financial books in tatters.


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