Should Greece Sell Some Islands to Pay Its Debt?

Some politicians are floating the idea of Greece selling some of its islands to pay down its debt. The only problem is that the aforementioned politicians aren’t Greek but German.

“The bankrupt one has to do everything he can to make money for the sake of his creditors,” said Josef Schlarmann, a member of Angela Merkel’s Christian Democrat party who heads a lobby of small and midsize businesses that back the CDU. “Greece possesses buildings, businesses and uninhabited islands, which can be used to pay down debt.”
The sentiment was echoed by Frank Schaeffler, a financial expert with the CDU’s coalition partner the FDP. “The chancellor can’t break the law, and may not promise Greece aid. The Greek state needs to get rid of stakes in businesses and sell real estate — e.g. uninhabited islands.”

To be fair to the Germans, they’ve always had some difficulties with the concept of sovereignty.

Posted by on March 4th, 2010 at 12:05 pm


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