Greece Selling Islands to Pay of Massive Spending United States Following Sane Footsteps.

Imagine America needing to sell off California in order to service the interest on all the borrowed money in cured by the Obama regime.

Sounds to far fetch?

I bet the Greeks felt the same way at one time. And thanks to Obama’s high spending, the United States is following in Greece’s footsteps.


From The Guardian:

Desperate attempt to repay debts also driven by inability to find funds to develop infrastructure on islands Greece is raising cash by selling off an area of state-owned land on Mykonos for luxury tourism.

Photograph: Getty Images

There's little that shouts "seriously rich" as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay brothers prefer Brecqhou in the Channel Islands, while Aristotle Onassis married Jackie Kennedy on Skorpios, his Greek hideway.

Now Greece is making it easier for the rich and famous to fulfill their dreams by preparing to sell, or offering long-term leases on, some of its 6,000 sunkissed islands in a desperate attempt to repay its mountainous debts.

The Guardian has learned that an area in Mykonos, one of Greece's top tourist destinations, is one of the sites for sale. The area is one-third owned by the government, which is looking for a buyer willing to inject capital and develop a luxury tourism complex, according to a source close to the negotiations.

Potential investors also looking at property on the island of Rhodes, are mostly Russian and Chinese. Investors in both countries are looking for a little bit of the Mediterranean as holiday destinations for their increasingly affluent populations.

Roman Abramovich, the billionaire owner of Chelsea football club, is among those understood to be interested, although a spokesman denied he was about to invest.

Greece has embarked on the desperate measures after being pushed into a €110bn (£90bn) bailout by the EU and the IMF last month, following a decade of overspending and after jittery investors raised borrowing costs to unbearable levels.

The sale of an island – or convincing a member of the international jet-set to take on a long-term lease – would help to boost its coffers.
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Something like that can't happen here, right?

Via Guardian

Via Drudge Report
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