Bankrupt Greece Selling Islands

Sell-off looms as Greece struggles with debt
By Rob Quinn,  Newser Staff
Posted Jun 25, 2010 3:13 AM CDT
A large parcel of government-owned land on Mykonos is for sale, along with several entire islands.   (Shutter Stock)

(Newser) – What's a country with no money and thousands of islands to do? Greece is trying to pay off some of its massive debt by selling or offering long-term leases on some of its 6,000 islands, only 227 of which are inhabited, the Guardian reports. The country, which received a $135 billion bailout from the European Union last month, has also put its rail and water systems up for sale.

"I am sad—selling off your islands or areas that belong to the people of Greece should be used as the last resort," said the director of one property agency. "But the first thing is to develop the economy and attract foreign domestic investment to create the necessary infrastructure. The point is to get money."
(Read more Greece stories.)

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