Privatization bill narrowly passes.

from Live Trader News

ATHENS — Greek parliament passed Wednesday a privatizationbill which is part of an austerity and reform drive aiming to lift Greece out of an acute debt crisis, and keep its place in the Eurozone.

Crunch Vote

A total of 148 lawmakers voted in favour of the most contentious article two of the draft privatization bill, with 139 against and six abstentions, Deputy Speaker Yannis Tragakis announced.

The result was broadcast live on the assembly's television channel amid a news blackout, as Greek journalists nationwide started 24-hour rolling strikes.

The new law facilitates the privatization of public utilities to raise revenues and boost growth to tackle the crisis, but several MPs insisted that all privatizations should be subject to approval by the assembly and not only the climate.

The country's privatization agency lowered the revenue target for privatizations to 11 billion Euros by 2017, down from 19 billion Euros by 2016 as initially planned.

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