Greece launches massive fire sale to service growing debt as riot police clash with violent protesters



Petrol bombs, stun grenades and tear gas thrown during clashes in Athens

Government aims to sell off casinos, marinas and former Olympics venues to service debt

Greece could require second bail out of 60billion euros

Demonstrations against harsh austerity measure boil over into riots

Marinas, casinos and former Olympic venues could be up for grabs after Greece announced a massive fire sale to help service its debt.

The Greek government said it was putting vast areas of state-owned land on the market to raise £44billion in the next four years.

Nationalised companies could also be privatised to help raise the necessary capital to ensure it does not default on debt payments.

Fury: A policemen jumps backwards after protesters threw petrol bombs in Athens

Cowed: A protester sits with his face covered in blood as most of Greece ground to halt with a general strike

It comes after intense pressure from Britain and other creditors to act to prevent debt restructuring that could have widespread effects across Europe.

British Chancellor George Osborne told The Times: 'The issue for Greece is whether it lives up to its commitments.'

Officials have said there is a political drive to ensure Greece can service its debt after a 110billion euro bailout by the EU and IMF last year.

A general strike held today has seen most public services grind to a halt across the country, while thousands marched through Athens to protest against harsh austerity measures.

The socialist government is planning to pass further cutbacks aimed at saving an estimated 23billion euros.

The strike suspended all train and ferry services, grounded flights for four hours and disrupted public transport in the capital.

Hit back: Two protesters cower on the ground after clashes with riot police. Demonstrations against austerity measures have again turned to riots

Fire sale: The Greek government is selling off assets including former Olympic stadia to help it service its debt

Violence: Greece hopes to raise £44billion from the sale of government-owned land in the next four years

Around 10,000 members of the communist-led PAME union marched peacefully through the centre of Athens.

Greece's two main unions are also planning another demonstration later today, expected to be closely monitored by police after previous protests degenerated into riots.

Last year, three bank clerks died when their building was torched by violent protesters.



The economic crisis follows years of inept governance, widespread corruption and waste that created bloated budget deficits and a public deficit larger than annual economic output.

For the time being, the country is shielded from insolvency by a 110billion package of rescue loans in a three-year programme.



But despite drastic spending cuts - with reductions to pensions and salaries accompanied by increase in taxes and retirement ages - the nation may need additional support to meet its financing needs next year, as the cost of borrowing from bond markets remains sky-high.

Clash: Last year Greece was given a 110billion euro bail out by the EU and IMF

Security: A firefighter walks past Athens University during the riots. The Greek government is seeking a second bailout, reportedly up to 60billion euros

Held: Police officers detain a protester after using tear gas and stun grenades during the clashes in the Greek capital

Parliament is expected to vote on the new round of cutbacks later this month.



The governing Socialists have also committed themselves to an ambitious - but so far nebulous - privatisation program worth a total 50 billion euro over the next few years.



However, many promised reforms have not yet been implemented, and there is growing skepticism in Greece and abroad over the government's efficiency.



'Before we can talk about further aid, Greece has to make sure that all austerity and reform measures are duly implemented,' said Michael Meister, a deputy caucus leader of German Chancellor Angela Merkel's conservative party.

'I would like to have a signal that this is finally happening,' the lawmaker told Wednesday's German Rheinische Post daily.



EU and IMF officials are currently in Athens for talks on the austerity program - on which the continued release of the bailout loans depends.



Greek unions say the protracted austerity, amid a two-year recession and unemployment at around 15 per cent, is unfairly targeting the less well-off.



A statement from the country's largest union, the GSEE, said Wednesday's strike expresses 'strong protest at the unjust and cruel policies that have caused a surge in unemployment... violated labor rights, and squandered public wealth, while failing to insure an exit from recession'.

Among areas up for sale are the abandoned Athens airport at Hellinikon and Olympic venues that once housed baseball, taekwondo and hockey.