Greece to Sell Off State Assets

Kostas Tsironis / AP Photo

Communist party affiliated protesters shout slogans during a rally against the government's latest austerity measures and plans to sell off state enterprises, in central Athens, Saturday, June 18, 2011. Greece has seen near-daily protests against the belt-tightening that has slashed salaries and pensions in an attempt to stem its ballooning debt.

Looking to pick up a Greek airport on the cheap? The debt-ridden country is preparing to auction off billions of dollars worth of state assets in order to satisfy European lenders’ demands ahead of a second bailout. Airports, highways, and banks will be on the auction block, with a goal of raising $71 billion through such privatizations by 2015. Greece must also submit to more austerity measures, according to the terms of the bailout. Prime Minister George Papandreou, barely clinging to power, will face a vote of confidence on his latest cabinet shuffle.