Concerns over great asset sale

It’s been billed as the sale of the century — the sales of state assets from Ireland, Greece and Portugal, the three countries being bailed out by the EU and IMF to raise up to €58 billion in total to pay off creditors.

But even at knock-down prices, sales are proving difficult in Greece, while in Portugal questions are being raised about some of the purchasers.

Portugal has been powering ahead and has just announced that it has sold off about 60% of the €5.5bn of the family silver it promised to let go as part of its €78bn bailout. But Greek plans to sell off €50bn worth of their valuables have stalled and, given that the value of property has dropped by two-thirds, they have revised the target downwards to €19bn for now.