Ireland for sale
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In an unprecedented move, Ireland is discussing the idea of selling off a raft of state assets to pay off its debts. Up for grabs are the country's utility companies, its port authorities and even its airports.
Ireland's debt stands at €84 billion, the interest on which is crippling the government's efforts to spark economic recovery.
Dublin installed a Review Group on State Assets, that focuses on selling public companies. The list of state assets published yesterday includes electricity company ESB and gas company Bord Gáis, together worth €10.5 billion.
Besides electricity, port and airport assets, the Irish finance minister said the selling of telecommunications, mining and exploration licenses will also be considered.
Instead of sheer privatization, joint ownership might in some cases be a better option, to maintain the economy's long-term competitiveness, a leading think tank says. The review group will therefore also investigate how the selling of public assets can best be combined with the state's own investment plans.
Together with Greece and Spain, Ireland's economy is considered among the most vulnerable in the EU. Ireland's economy shrank with 10 percent in the last two years, doubling the jobless figure from last year.
