Synthstuff - music, photography and more...

Pssst - wanna buy an island

Greece, in an effort to turn its economy around is offering sale and long-term leases of choice property. From the UK Guardian:

Greece puts its islands up for sale to 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.

Sad to see -- this is a band-aid and is only delaying the eventual restructuring or crash. If Greece is to save itself, it needs to have a come-to-Jesus moment with its unions about the unsustainable pensions. Posted by DaveH at June 24, 2010 7:22 PM | TrackBack