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Greece prepares to sell islands - 25 June 2010

If you are one of those people who love to get one over on their neighbours and make them jealous, this could be the perfect opportunity. If you are looking for a property overseas and a villa on the coast just isn’t quite enough for you, this could be ideal.

This morning, the Guardian revealed that it has learned that the cash-strapped government of Greece is preparing to either sell or offer long leases on some of its state-owned islands in a bid to raise money and help pay off the past decade of overspending. Greece has some 1,400 islands though only 227 of them are inhabited

Reports suggest that among the assets which are potentially for sale to high-end investors is part of the island of Mykonos, along with some land on the island of Rhodes. However, potential buyers should expect any purchase of land or lease to come with significant conditions attached, including extensive investment and development of infrastructure in the area. Among the interested parties are said to be Russian and Chinese investors, though you can be sure they would also be buying to impress their neighbours

Greece is attempting to repay a record €110bn loan from the EU and IMF, and has adopted some unprecedented measures to save money and boost the country’s coffers. Alongside a substantial austerity package which includes cuts in public sector pay and a severe tightening of a previous lax approach to paying taxes, the sale of assets could help boost the Greece’s cash balance.

As you might expect, the measures taken by the Greek government to try to recover from years of overspending are not all popular. Mass protests have marked every budget announcement and yesterday there was the tragic story of a senior government aide who was killed by a bomb disguised as a gift – though at the present time no group has claimed responsibility it is thought to have been the work of left-wing and anarchist groups.

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