The coalition government’s controversial development plans for the Attic coastline are seemingly being abandoned as a number of real estate assets are to be taken back from the asset development fund TAIPED after the electronic edition of To Vima publicized the plans.
According to officers at the Ministry of Growth, the government is preparing to take back three high-value plots of real estate on the “Attic Riviera” from the TAIPED: a 176-acre plot of land extending from the Sport Center at Agios Kosmas to the Asteria” in Glyfada, a 20-acre plot in Glyfada and Aspro Lithari (383 acres) in Sounio. The scandalous transfer of these assets has been attributed to an “error”.
The troika’s involvement
It appears that the problems began in 2012 when the Ministry of Infrastructure and Growth introduced which included provisions for the foundation of the Attic Coastal Front company, to which the Ministry of Finances objected. The IMF’s representative to Greece Bob Traa openly objected to the creation of the company, citing legal and political issues.
Mr. Traa argued that international investors would be “confused” by the overlap of TAIPED’s and the Attic Coastal Front’s duties, with the Greek government countering that the coast must be developed as a whole. Nevertheless, a clause was included allowing the TAIPED to extract assets from the Attic Coastal Front company with a simple ministerial decree.
