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Economy

Greece Wants Higher Bids for Old US Military Base Use on Crete

November 28, 2021

ATHENS – Unhappy with offers, Greece asked two remaining investors who want to acquire an old US military base on Crete to turn into a resort and entertainment park to raise their bids.

The country’s privatization agency (HRADF) said the offers would have to come up for the 85-acre plot in Gournes, outside the city of Heraklion after opening offers from three, rejecting one outright.

The agency used rules which allow a request for resubmittals if offers don’t meet a bottom line if they fall short of the highest within a certain range, asking Greek developers Dimand and Reds to improve their offers separately via an e-auction due on Dec. 6, it said, reported Reuters.

Under the terms of what turned into three international bailouts of 326 billion euros ($369.03 billion) in 2010 and ended on Aug. 20, 2018, Greece was supposed to sell off many of state enterprises as part of packages containing harsh austerity measures.

The most indebted state among the 19 members of the Eurozone using the euro – there are 27 European Union members – Greece was supposed to bring in 50 billion euros ($56.6 billion) but has raised only 7 billion euros ($7.92 billion.)

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