Antonio Scorza/AFP/Getty Images
Buildings like this one constructed for the 2004 Olympics may be up for sale under a new privatization program in Greece.
Buildings like this one constructed for the 2004 Olympics may be up for sale under a new privatization program in Greece. Antonio Scorza/AFP/Getty Images
With the European Central Bank taking a strong stance against Greek debt restructuring, officials there are pushing the country to step up efforts to sell off land and unused buildings.
Greece kicked off a $72.5 billion privatization program this morning selling a small stake in the country's largest telecommunications company. The country's privatization program also calls for Greece to sell off several regional airports and property including buildings constructed for the 2004 Athens Olympics.
With a debt load of around $485 billion, the country is also preparing to implement new austerity measures. Thousands of people have taken to the streets in protest since the government announced it would extend the current austerity program for two additional years.
Debt monitors from the EU and the IMF recently agreed to give the country its next bailout installment in early July, as long as it takes steps to curb spending and raise funds through privatization. Greece's debt to GDP ratio is expected to hit 157.7 percent this year, according to the European Commission.