STOCK MARKET WATCH -- Monday, 11 March 2013

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33. Greek reforms hit new setback as privatisation chief resigns

http://www.guardian.co.uk/world/2013/mar/10/greek-reforms-setback-privatisation-chief-resigns


In another setback for Greece's reforms, the country's privatisation chief Takis Athanasopoulos has resigned after only a few months in the job, after being charged with dereliction of duty in his former role as chief executive of the public utility PPC.

An official at the Greek finance ministry, Giorgos Mergos, also stepped down after being charged. Both men denied knowingly commissioning a loss-making plant when on the board of PPC, which led to losses of more than €100m for the state-owned power company.

Athanasopoulos said he welcomed the charges. "It gives me the opportunity to prove that the interest of the PPC and the state were fully served," he wrote in a resignation letter, insisting his decision to step down had been motivated by the desire not to further impede Greece's problem-plagued privatisation process.

The Greek finance minister, Yannis Stournaras, is under pressure to clean up corruption from international creditors keeping Greece's debt-stricken economy afloat.