$55Bln Privatization Revenues to Constitute Fund Under Greek-EU Management

Athens has to privatize assets worth 50 billion euros ($55 billion) in order to repay debts, according to a draft Eurogroup agreement.

MOSCOW (Sputnik) — Revenues from privatization of Greek assets worth 50 billion euros ($55 billion), meant for repayment of Athens' debt, will be managed by an independent fund under Greek-EU management, a draft Eurogroup agreement, obtained by RIA Novosti on Sunday, reads.

Earlier in the day, eurozone finance ministers met in Brussels to discuss the possibility of another bailout program for Greece, which is struggling to repay its multibillion-dollar debt.

"Valuable Greek assets of [EUR 50 bln] shall be transferred to an existing external and independent fund…to be privatized over time and decrease debt. Such fund would be managed by the Greek authorities under the supervision of the relevant European institutions," the document reads.

The new European Stability Mechanism (ESM) bailout program for Greece would include 10-25 billion euros ($11,1 billion – $27,8 billion) for the bank recapitzalization purposes.

“The total envelope of a possible new ESM programme would have to include the establishment of a buffer of EUR 10 to 25 bn for the banking sector in order to address potential bank recapitalization and resolution costs, of which EUR 19 bn would be made available immediately ina segregated account at the ESM,” the document reads.