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Spanish state asset sale would have 'little impact' on debt

Wed 25th May 2011

Plan's to sell of some state-owned assets could help the country raise an estimated 15 to 20 billion euros towards the 52 billion euros that it needs to borrow by the end of 2011 to cover escalating debt costs.

However, not only would this be unpopular with the wider public, but it would be likely to face legal and political problems also.

The targets in question are the government's 49% share of AENA - the Spanish Airports Authority, and the National Lottery.

The Autonomous Region are expected to cause problems for the government with many likely to insist in full involvement in the decision making with regards to the Privatization process - some even pushing to take control of the airports themsleves directly.

According to a report yesterday the government will appoint three advisors next week with a view to listing the state lottery on the stock exchange later in the year, and is expected to be valued at between 6.5 - 7.5 billion euros.

Moody's credit rating agency had already commented that the potential sale of these assets were intended to show markets that Spain was trying to cut its debt, but that any revenue gained was unlikey to have much of an impact overall.

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