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Government to appoint 9 Banks as advisors in AENA sale

Fri 3rd Jun 2011

Central Government yesterday announced that it intends to appoint a team of nine advisers from the country's banks to oversee the privatisation of the government's 49% stake in the Spanish Airports Authority - AENA.

Goldman Sachs, BBVA, Citigroup, Royal Bank of Scotland, Credit Agricole, HSBC, Credit Suisse Securities, Societe Generale and BNP Paribas will make up the advisory team who will oversee the project.

The move coincides with the Government's privatisation of the state lottery, and is expected to raise around 13 Billion Euros - or 20 Billion with the two projects combined.

However, with Spain's cost of debt being 52 billion by the end of 2011, and Zapatero promising no further austerity cuts before the General Elections, the sums do not seem to add up.

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