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Greek auditors approve sale of railway operator to Italian railways
[ATHENS] A Greek court of auditors approved on Monday the sale of Greece's railway operator TRAINOSE to Italian railways Ferrovie dello Stato , an official at the country's privatisation agency said.
Under a bailout deal signed in 2015, Greece has agreed to sell TRAINOSE and other state assets aiming for total revenue of 5.8 billion euros (S$8.78 billion) by 2018.
Greece has earmarked receipts of 45 million euros from the TRAINOSE sale this year. Local media reported that the process was delayed due to some issues raised by the auditors.
The official, who spoke on condition of anonymity, said all the terms set by the court had been satisfied and that the sale would go ahead.
Greece had to privatise TRAINOSE or shut the firm and return about 750 million euros to the European Union in state subsidies that the country extended to the company in the past.
The official said that once the deal is signed, Greece and Ferrovie will ask the European Commission to write off this debt.