Outrage: Greece is ready to start selling its islands 

WHAT: Debt-buried and desperate, Greece will sell or offer long-term leases on some of its 6,000 sun-kissed islands — only 227 of which are populated. Buyers can also obtain government acreage on famed destination islands such as Mykonos and Rhodes.

HOW COME: The hope is that private investors will develop much of the property for luxury tourism income. Greece was never able to afford this, even before last month’s $146 billion bailout by the European Union and the International Monetary Fund.

WHY IT’S OUTRAGEOUS: Greece dug itself into an impossible hole after a decade of wild overspending covered up by shifty accounting. Gun-shy investors then raised borrowing costs to unbearable levels.

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Staff Report

Staff Report

A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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