WASHINGTON (MarketWatch) — To the victor goes the spoils.
The ink was not yet dry on the new European bailout accord for Greece before German companies started their plundering of Greek assets.
Per provisions of the “agreement” imposed on Greece, the Athens government awarded the German company that runs the Frankfurt Airport, Fraport, a concession to operate 14 regional airports, mostly on the islands like Mykonos and Santorini favored by tourists, for up to 50 years in the first privatization of government-owned assets demanded by the creditors.
The airport deal had been agreed upon last year by the previous Greek government and then suspended by Prime Minister Alexis Tsipras’s newly elected government this year as part of his pledge to prevent the fire sale of valuable public assets at bargain-basement prices.
The airport deal gives Fraport the right to run the facilities as its own for 1.2 billion euros over the 50 years and an annual rent of 23 million euros.