Strapped For Cash? Sell Some Islands!
After weeks of debate over whether or not the European Union will rescue Greece from its economic woes, Greek PM George Papandreou and German Chancellor Angela Merkel will meet to discuss more solutions tomorrow. But Merkel’s buddies have already offered some creative advice by telling the Greeks they should simply begin selling off their islands.
“Greece owns buildings, companies and several uninhabited islands, which can now be used to repay debt,” said Frank Schaeffler, financial expert of Germany’s Free Democratic Party. It might be an ingenious plan – Greece has thousands of islands floating across the Aegean, only 227 of which are inhabited. For the ultra-rich, these islands are “affordable,” at around $2 million apiece. If the Greeks sell 1,000 islands at $2 million a pop, they’ve got … $1 billion they didn’t have before.
It’s nice that European economic experts are getting so creative about how Greece can pull itself out of fatal deficit. But the fact that leaders are essentially suggesting that Greece liquidate its nation’s treasures (check out this photo gallery of the top 10 things the country can sell to pay off debt) is a sign that come tomorrow, Merkel’s not going to be giving any handouts to Papandreou and that his nation will continue to need to fend for itself.