Privatizations of State-Owned Enterprises in Greece After the Third Economic Adjustment Programme

Abstract

This article examines the legal framework of privatizations in Greece, which was adopted on the basis of the Third Economic Adjustment Programme. This bailout agreement was accompanied by a Memorandum of Understanding (MoU) requiring, among others, privatizations of certain State-owned enterprises and other assets. The requirements for privatizations in the MoU are explained. The structure and the operation of the new independent Fund for Privatizations, the Hellenic Corporation of Assets and Participations (HCAP), are scrutinized. Special emphasis is given on one of the subsidiaries of the HCAP, the Public Holdings Company (EDIS). Public interest and public policy considerations are analyzed in the context of EDIS. This article sheds light on the role of various bodies participating in the privatization process of State-owned enterprises in Greece. The absence of golden shares from the Greek privatization programme is also criticized. This criticism considers the golden shares case law of the CJEU. A few concluding remarks are deduced.