Greece has agreed to sell the operating rights of over a dozen of its airports to a German company in a bid to qualify for bailout loans. The $1.37 billion concession is one of Greece’s biggest privatization deals since the start of the debt crisis.
The decision will hand over 14 of Greece’s airports to Frankfurt airport operator Fraport AG. Fraport expects to close its agreement with Athens in October. The deal will be in effect for the next 40 years.
Greek Prime Minister Alexis Tsipras promised in his preelection campaign to repeal the conditions of Greece’s previous bailouts. He also denounced the Troika for its past attempts to denationalize the country’s ports, electricity networks and airports. However, Tsipras has reneged on his promises in order to win a deal on a third bailout. Without the $95 billion aid package, Greece would default on its debts and risk being kicked out of the eurozone.
As long as Germany is a net benefiter, expect the economic crisis in Europe to continue. Germany wants total domination of Europe—Greece is only the beginning. To find out more about how Germany is dictating Europe’s destiny, read our article “The Greek Crisis Was Planned!” ▪
Full article: Germany Wins Again: Greece Agrees to Sell Airports and Other Assets (The Trumpet)