The government’s previous attempt to raise 50 billion euros by divesting prize assets such as airports, seaports and beach-side real estate failed miserably. The program, which began in 2011, had raised just 3.1 billion euros by the end of 2014, according to the state privatization authority.
Coming up with a development plan and turning it into cash can take as long as 15 years, Mitropoulos said.
Illegal Buildings
The HRADF never came close to meeting its target in part because so many properties lacked clear title and the country has no centralized land register. When officials visited one plot of seaside land destined for sale, they discovered thousands of illegal buildings on the site.
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