Italy Puts State Assets On The Auction Block
Debt-riddled Italy is trying to raise €10 billion ($12.6 billion) by selling off state assets. To avoid an international bailout like those needed in Greece, Ireland, Portugal and Spain, Rome put three public companies — credit agency Sace, industrial holding company Fintecna and the Simest investment company — on the auction block on Friday and will be sold “within months,” according to the Financial Times.
Mario Monti’s government also agreed on a number of “sustainable growth” measures that include investments in the construction industry, “green” economies and offshore oil and gas development. Monti has made “growth and cutting the size and weight of the state” his top priority.