RBS ship­ping.

Kathimerini English - - Front Page -

per­cent stake in grid sub­sidiary ADMIE to a strate­gic in­vestor, in line with the terms of the country’s lat­est in­ter­na­tional bailout. Un­der the bailout ap­proved in Au­gust last year, Public Power Cor­po­ra­tion, which is 51 per­cent-owned by the state, must ei­ther sell a mi­nor­ity stake in ADMIE or fully pri­va­tize the grid by next year. Yes­ter­day’s over­whelm­ing ap­proval came amid stiff op­po­si­tion from unions, who had dis­rupted an ear­lier at­tempt to con­vene a share­hold­ers meet­ing, forc­ing PPC to switch the venue for the gath­er­ing to the Fi­nance Min­istry from a cen­tral Athens ho­tel. Un­der­lin­ing the sen­ti­ment against pri­va­ti­za­tions in the country, union staff mem­bers also dis­rupted a meet­ing on the same is­sue on June 30. “The leg­is­la­tion that has been en­acted... aims to re­na­tion­al­ize the grid. The only dif- fer­ence is it will be bought by a for­eign state com­pany,” the head of the PPC work­ers’ union, Gior­gos Adamidis, told Reuters. He added the sale would mean higher tar­iffs for Greek con­sumers and put PPC jobs at risk, adding that the union will take le­gal ac­tion at a top court to try to an­nul the divestment of the mi­nor­ity stake. Work­ers walked out for three hours yes­ter­day to protest the sale and govern­ment plans to trans­fer PPC and the grid to a new um­brella pri­va­ti­za­tion fund.

Royal Bank of Scot­land is fac­ing set­backs over the pro­posed sale of its Greek ship fi­nance busi­ness, with po­ten­tial suit­ors back­ing off, partly be­cause of the Bri­tish vote to leave the Euro­pean Union, sources have told Reuters.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.