PART OF THE BAILOUT Greece completes airport transfers to German led consortium

Posted on 04/12/2017 | About Thessalonika, Greece

Greece has formally completed the transfer of 14 regional airports to a consortium led by Germany's Fraport AG, in a privatization that is a key element of the country's bailout programme.

The Greek state privatization agency says that under the deal signed Tuesday the consortium has paid a €1.23 ($1.8) billion lump sum.

It said additional state revenues from an annual lease and a share in airport earnings will reach a total €10 ($10.6) billion over the 40-year concession period.

The deal has already been cleared by the European Commission. It had been initially due to come into effect last year.

The 14 airports are Thessaloniki - Greece's second largest city - Mykonos, Santorini, Rhodes, Corfu, Zakynthos, Kefalonia, Kos, Lesbos, Skiathos, Samos, Chania, Kavala and Aktio.