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 investment company Simest -- on the auction block Friday, and they will be sold “within months," according to the Financial Times.
Italian Prime Minister Mario Monti's government also agreed on a number of “sustainable growth” measures that include investments in the construction industry, "green" initiatives, and offshore oil and gas development. Monti has made "growth and cutting the size and weight of the state" his top priority.
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