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Greece: Finance ministry proposes new gambling framework

GREECE -- (PRESS RELEASE) -- Greece's government is considering privatizating gambling monopoly OPAP SA (OPAP.AT) later this year after introducing legislation to liberalize the Greek gambling market, financial daily Imerisia reports Monday.

Without naming its sources, the newspaper says that the government's goal would be to strengthen OPAP's position within a newly liberalized market, adding new games, before proceeding with privatization.

Greece is struggling to narrow its budget deficit through a series of fiscal measures and economic reforms, while also cutting its giant debt burden that is expected to reach 153% of gross domestic product by the end of this year.

The government holds a 34% stake in OPAP which has an estimated value of more than EUR2 billion. The government also receives almost EUR700 a year in dividends from its OPAP holding.

However, the newspaper says any move to privatize OPAP is likely to be resisted by the company's franchisees, who have already announced plans for a 48-hour strike later this week over outstanding tax issues.

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