Work on luxury seaside resort starts after eight-year delay

Long-delayed construction work on the development of a luxury seaside resort in Kassiopi on the Ionian island of Corfu got under way yesterday, in an area sold by the state to NCH Capital. Eight years and eight governments have come and gone since the tender for the 120-million-euro project was announced, along with more than 12 appeals to the Council of State, the Court of Auditors and the Magistrates’ Court. Delays in big investment projects in Greece are not the exception, but the rule, as the average length of time needed to complete a privatization project is five years.