Greece Hopes For $166 Million Sale Of Mykonos Island Resort

Officials in Greece are planning to sell the countries one-third stake in the island of Mykonos, a sale that could fetch the cash-strapped country upwards of $166 million. Officials are also examining the possibility of offering longer-term leasing for many of its 6,000 sunkissed islands. Country officials are hoping that an investor will buy the state-owned 3.3-million-square-foot Astir Palace complex which dominates much of Mykonos.

Mykonos is one of Greece’s top tourist destinations and officials hope that a sale will inject new capital into the area while the new buyer would be asked to develop a new luxury tourism complex.

Investors from Russia and China are also examining property on the island of Rhodes.

The move to sell off such a big investment comes at a time when Greece was pushed into a €110bn (£90bn) bailout by the EU and the IMF. Officials in Greece’s new government are being forced to deal with incredibly high borrowing costs as they continue to raise the capital needed to pay government workers and keep the country moving along.

227 Greek islands are currently inhabited and officials in the country had hoped to develop more of the islands but failed to develop even a basic infrastructure for uninhabited areas. By selling the islands officials hope development will occur which would bring in long-term tax dollars and short-term construction jobs.

Foreign investors have been pulling business out of Greece during its recent financial meltdown and the sale or long-term lease of the countries islands is seen as a way to draw those investors back into the area.

Also expected to go up for sale are the countries rail and water companies.

Officials in Greece over the last several months have called for the sale of islands, historic buildings, artwork and other money-making items and ventures.