“This means we will have to negotiate. “You cannot renegotiate [the memorandum] if you have not first taken measures to get the fiscal adjustment program back on track.” Stournaras said that fiscal adjustment was one of the four elements to the strategy that would lead Greece to recovery. The other three were boosting productivity, creating a modern welfare state and removing obstacles to growth. The finance minister, who is due to take part in his first Eurogroup meeting with eurozone finance ministers Monday, also placed great emphasis on the importance of privatizations to Greece’s progress.
“The privatization program aims at attracting significant international capital that will be invested mainly in property development and infrastructure,” he said. Stournaras identified 28 privatizations, including the state natural gas, water and betting companies, as well as regional airports and ports. He said that the sale of the Public Power Corporation and the Hellenic Railways Organization would come at a later stage. The Finance Ministry announced Sunday that it had completed the sale of four Airbus A340-300s that had belonged to Olympic Airlines to four companies that agreed to pay a total of almost $135 million (110 million euros) for the airplanes.