New govt. scraps privatization plans; presses ahead with debt relief
The new government in Greece has decided to scrap privatization plans in a bid to live up to its anti-austerity promises.
The government is putting on hold plans to sell its share in two major ports. It has also stopped privatizing top electricity and petroleum companies. During his first cabinet meeting, leftist Prime Minister Alexis Tsipras said he's pressing ahead with its efforts to negotiate a debt relief from international creditors. But Tsipras says his country will not default on its debts. The announcements sent shockwaves through stock markets in Greece. On Wednesday, the Athens market lost over nine percent of their values. Greece has been implementing tough austerity policies since 20-10 in exchange for bailout packages.
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