Thursday, July 18 2024

Extensive reform of Greek state corporations


A new bill to be voted on in the year’s first half, about the Growth Fund – The National Fund of Greece and its subsidiaries, will turn the subsidiaries into businesses like Public Power Corporation (PPC), National Economy and Finance Minister Kostis Hatzidakis said on Friday.


At the New Year’s cake-cutting event of the Hellenic Public Properties Company (ETAD), the agency managing public properties, Hatzidakis said, “We are at a new start for the Growth Fund and its subsidiaries, which we want to base on rules of effectiveness and service to the state and society overall.”

The bill will propose that the subsidiaries’ directors be hired from the private and public sectors, through tendering procedures for a specified period of time, he said.

The process will involve the state testing and hiring agency (ASEP), but the procedures will be faster.


“There will be changes in the daily operation procedures as well. Everything will move with transparency but at greater speed,” he said.

On ETAD in particular, he said, “inertia leads nowhere, and if we continue to do the same things, we will have the same results.” Despite progress in the past, there is still a lot that is not working out, he added.


Procedures that have begun to identify properties that are ready for development will be given priority.

Organizational changes will allow the setup of separate departments to handle large and mature properties, and smaller properties, he revealed.


“We cannot have a new beginning without fast procedures,” Hatzidakis said.

“The methods we use have been implemented successfully internationally and in Europe as well. If rules are set down and applied properly, I am sure the effort will bring positive results.”