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Higher offer for Greek Olympic complex
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A state privatization agency in Greece has received an improved offer to develop a coastal Olympic complex, left largely abandoned since Athens hosted the 2004 Games.
Greece’s Lamda Development increased its offer by 25 percent to 915 million euros (US$1.26 billion) for the project at Hellenikon, the Greek capital’s former airport that hosted six Olympic events, the Hellenic Republic Asset Development Fund said late on Wednesday.
Lamda’s bid is backed by China’s Fosun Group and Al Maabar of Abu-Dhabi.
The project would include the creation of a 200-hectare park, sports and recreation facilities and other commercial areas.
Many of the 2004 venues have been underused or virtually abandoned in the decade since the games, and further neglected in recent years after the country slumped into a financial crisis.
The government has struggled to attract investors to its troubled privatization program, a criticism often made by bailout lenders who are now pressing Greece to keep high taxes until public finances further improve.
Finance Minister Yannis Stournaras said on Wednesday that an unpopular austerity tax known as the solidarity surcharge would be extended for “as long as needed” to keep the budget deficit within limits set by rescue creditors.
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