Greece: State Auctions, Unrealistic Prices, No Buyer Interest

From Greek Reporter

"The website of the General Secretary of Public Revenues is packed with properties belonging to known businessmen who have outstanding debts to the Greek state. Their starting prices are very high, as Greek law sets the starting prices of auctioned properties at their assessed value, not their commercial value. The result is little or no interest from buyers, an inability of the State to sell properties and the reluctance of borrowers to ease the burden of their debts".