Tag Archives: Privatization

Greece’s privatizations: New beginning or false dawn?

Illustration by Manos Symeonakis http://www.cartoonmovement.com/p/6035

Illustration by Manos Symeonakis http://www.cartoonmovement.com/p/6035

Greece’s first major privatization since the crisis began, secured on Wednesday when a private consortium agreed to buy a 33 percent stake in state gambling monopoly OPAP, will bring some relief to the government and its lenders. Athens has been under pressure since the start of its bailout program three years ago to sell state assets so it could raise revenue and pay off some of its mounting debt. Privatization even caused the first major rift between the troika and Greece, when the country’s lenders announced a 50-billion-euro sell-off program in February 2011 before the government.

The target for privatization revenues has since been revised downwards, first to 19 billion euros and then 11 billion euros by 2015. The pressure, however, has not decreased. The sale of the stake in OPAP to Emma Delta for a total of 712 million euros will give the Greek government some breathing space but the troika expects to see more sell-offs soon as more than 2 billion has to be raised this year.

Much has been made of how Greece has dragged its feet, failing to kickstart the privatization process quickly enough. The country’s privatization agency (HRADF) has also been slammed for lacking organization, with one analyst recently labeling its efforts as “simply not up to par on any international standards.” The fund has also been blighted by several changes of leadership.

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Margaret Thatcher: Her Master’s Voice

Illustration by Manos Symeonakis for Cartoon Movement http://www.cartoonmovement.com/p/6035

Illustration by Manos Symeonakis for Cartoon Movement http://www.cartoonmovement.com/p/6035

More than the bouffant hair, the handbags, the power suits and pussybow blouses, it was the voice that lingered.

For anyone growing up in the UK in the Eighties, Margaret Thatcher’s voice was unforgettable. Proceedings in the House of Commons were not televised until 1989 and, until then, TV news had to make to with displaying pictures of Parliament and playing audio of the debates, which often consisted of Thatcher swatting away her opponents with her polished vowels.

That memorable voice, though, was the product of elocution lessons, which were part of a wider effort to make Thatcher more appealing. This was not the only illusion of the Conservative leader’s time in power.

One cannot question that when she became prime minister in 1979, Thatcher took over a country in a steep decline. The economy was tanking, inflation was rising, industrial relations were mired and a general post-colonial malaise had descended over the UK. Getting out of this mess was an immense challenge.

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