May 23, 2011 / 10:58 AM / 8 years ago

EU's Rehn doubts Greece privatization target

VIENNA (Reuters) - The EU’s top economic official cast doubt on whether Greece was on track with its privatization program, saying on Monday Athens could not privatize 50 billion euros of assets in the coming years.

“We estimate that meaningfully Greece cannot privatize 50 billion euros worth of its assets in the course of the coming years, which represents more than 20 percent of its GDP,” Olli Rehn, the economic and monetary affairs commissioner in the European Union’s executive Commission, told a conference in Vienna.

He added that Greece had not made sufficient progress with its budget steps to allow it to return to the markets for financing in early 2012.

Reporting by Michael Shields and Paul Carrel; Editing by John Stonestreet

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