Greece To Lease Over 40 Islands To Pay Debt

13/09/2012 8:07 pm


Greece's Hellenic Republic Asset Development Fund has identified over 40 uninhabited islands that could be leased for as long as 50 years to pay down the troubled nations debt.

The fund is responsible for raising 50 billion euros from states assets by 2020 to meet conditions tied to pledges of 240 billion euros in foreign aid. Prime Minister Anonis Samaras has said commercial exploitation of some islands cold generate the revenue lenders need to see to continue funding the country.

“We identified locations that have good terrain, are close to the mainland and have a well-developed infrastructure and, at the same time, pose no threat to national security,” Andreas Taprantzis, the fund’s executive director for real estate, said. “Current legislation doesn’t allow us to sell them outright and we don’t want to.”

The list includes islands ranging in size from 500,000 to 3 million square metres, and which can be developed into high-end integrated tourist resorts under leases lasting up to 50 years.