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interestrateripoff

Greece Puts Its Islands Up For Sale To Save Economy

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Mhttp://www.guardian.co.uk/world/2010/jun/24/greece-islands-sale-save-economy

There's little that shouts "seriously rich" as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay brothers prefer Brecqhou in the Channel Islands, while Aristotle Onassis married Jackie Kennedy on Skorpios, his Greek hideway.

Now Greece is making it easier for the rich and famous to fulfill their dreams by preparing to sell, or offering long-term leases on, some of its 6,000 sunkissed islands in a desperate attempt to repay its mountainous debts.

The Guardian has learned that an area in Mykonos, one of Greece's top tourist destinations, is one of the sites for sale. The area is one-third owned by the government, which is looking for a buyer willing to inject capital and develop a luxury tourism complex, according to a source close to the negotiations.

Potential investorsalso looking at property on the island of Rhodes, are mostly Russian and Chinese. Investors in both countries are looking for a little bit of the Mediterranean as holiday destinations for their increasingly affluent populations. Roman Abramovich, the billionaire owner of Chelsea football club, is among those understood to be interested, although a spokesman denied he was about to invest.

Greece has embarked on the desperate measures after being pushed into a €110bn (£90bn) bailout by the EU and the IMF last month, following a decade of overspending and after jittery investors raised borrowing costs to unbearable levels.

The sale of an island – or convincing a member of the international jet-set to take on a long-term lease – would help to boost its coffers. The Private Islands website lists 1,235-acre Nafsika, in the Ionian sea, on sale for €15m. But others are on for less than €2m – less than a townhouse in Mayfair or Chelsea. Some of the country's numerous islands are tiny which could barely fit a single sunbed.

Only 227 Greek islands are populated and the decision to press ahead with potential sales has also been driven by the inability of the state to develop basic infrastructure, or police most of its islands. The hope is that the sale or long-term lease of some islands will attract investment that will generate jobs and taxable income.

Headline in the Guardian is misleading as you can't buy an island but you can lease one.

However as some have no police or infrastructure if your a drugs cartel looking for a base what better option could you have?

Perhaps they could also develop a few into brothel islands?

Edited by interestrateripoff

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Guest Noodle

Mhttp://www.guardian.co.uk/world/2010/jun/24/greece-islands-sale-save-economy

Headline in the Guardian is misleading as you can't buy an island but you can lease one.

However as some have no police or infrastructure if your a drugs cartel looking for a base what better option could you have?

Perhaps they could also develop a few into brothel islands?

Or just a hotel and resort group . . .

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Guest Noodle

A sensible suggestion from you? :P Or do you mean Or just a hotel and resort group . . . with hookers and drugs?

Have you got sunstroke or something?

It's a tad warm today.

I may require some cold water (not available) applied to my head.

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I recall years back they were advertising for people to come and live on their uninhabited islands and they would give you the land for free, but you had to live there. Nobody wants to be on an island with no shops, pubs. schools etc. I guess there is an appeal to hermits but you would still need an island which is good for cultivation and most of these dots of land have no fresh water.

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To cover that Greek debt of 110 Billion EUR they are going to have to sell an awful lot of islands.

My calculations (on the back of a fag packet), at 15million EUR a pop they need to sell around 7,300 but they only have 6000 islands :rolleyes: Perhaps they can auction of Salonica and Mt.Delphi too

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  • 258 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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