tni privatisingeurope180216 greek print

7/25/2019 Tni Privatisingeurope180216 Greek Print

1/32

| 1 | February 2016

Sol Trumbo Vila Matthijs Peters


2/32

transnationalinstitute2 |

: Sol Trumbo Vila and Matthijs Peters

: Nick Buxton

: Karen Paalman

: Brigitte Vos

Transnational Institute - www.TNI.org

, 2016

, . , . , , .

http://www.tni.org/copyright


3/32


5

7

8

9

12

; 15 ; 15

; 16

18

18

21

21

23

23

24 25

: 26

27

29


4/32



5/32


,

.

Transnational Institute (), (Privatising Europe),1

2013, () ()

, .

, .

,

.

:

.

. , ,

, , . ,

,

. ,

, .

.

.

.

, Lazard, ,

. ,

Lazard Royal Mail,

,

16

. Lazard 8

, , .

,

. , ,

,

, .

.


6/32


, . ,

,

,

.

, , .


7/32


( ,

) 2015

. ,

, ,

. ,

.

o

,

. , , ,

.

;

, ()

.

. , ,

, , ,

, . , ,

,

.

,

,

.

,

,

. ,

.


8/32


TNI, ,

2008 , .

, - . 2008

2011, 4,5 . ( 37%

) . 2

,

.

. ,

. 3 , ,

.

, ,

. , ,

(SM) 2012.

,

, (wo-pack),

(Six-pack) .

,

,

-.

. . : :

(Unpacking Competitiveness:A Primer). 4

o

. 5

:

: , , .

, 100 .

.


9/32


, ,

. 6

, .

,

. , TNI

.

. ,

,

.

.

(

) 7 -.

.

2012, ,

:

,

. ,

, , ,

. 8

,

. ,

. 345

(),

:

-.

, , ,

2013,

,

,

.


10/32


;

,

.

,

:

1. (PO),

() .

2. (rade Sale), .

3. . 9 ,

.

,

, :

1 :

, .

2 :

; ,

;

;

, ,

().

3 O .

4

().

5 .


11/32


6 : () .

Big Four

(Deloitte, PricewaterhouseCoopers, KPMG Ernst & Young).

7

(road show).

8 (bkbuilding):O

.

9 : ,

.

.

, ,

road show .

10 .

3 .

4 .

5 (

).

6 .

7 .

8 .

9 (

).

10 .

PricewaterhouseCoopers

, ,

. ,

,

. Deutsche Bank (DB), ,

(bookrunner)

(). DB

, .

2015, :

.

.


12/32


.

. 10

,

Big Four, . KPMG, ,

, (Privatisation Barometer). ,

PriceWaterhouseCoopers .

, :

,

, , . 11

. , ,

.

,

5-7% ,

. 12 Lazard, ,

1,5 . Royal Mail

. 13

.

Lazard Rothschild. Lazard

.

, .

Bloomberg ,

, . 14

,

.

William Cohan, Lazard, Lazard

:

. [...]

. . 15

, Lazard

. 50% . 16


13/32


,

Lazard .

, Lazard

,

, .

, Lazard

,

, .

, Royal Mail

( logistics) AENA

( ).

Lazard

. , Lazard .

Lazard

, ,

1980, :

NM Rothschild, Rothschild & Co, .

1979,

, ,

. ,

1980,

. Rothschild

. , Rothschild

:

1980 . Rothschild

,

30 . 17

. , Rothschild

, , .

Rothschild

. ,

Rothschild.

( 10 Policy Unit) Rothschild. ,

Rothschild . 18

80

NM Rothschild, . Rothschild

,

. ,


14/32


, ,

.

.

, ,

,

. ,

,

. ,

.

,

1 . . ,

: Freshfields Bruckhaus Deringer (

), Clifford Chance ( ), Allen & Overy ( ), Shearman &

Sterling () Norton Rose Fulbright ( ).

,

. ,

. ,

,

-

, . ,

.

, . 19

,

, ,

. ,

(700 .

, 1 .

), 20

.

.

,

. , Freshfields Bruckhaus Deringer

, Shearman & Sterling Allen & Overy

.

, . ,


15/32


. 1

; ;

,

. ,

,

,

.

,

() .

, ,

. (

) - -

, .

,

. AENA ,

20% ,

1 . .

, . ,

,

.

,

, ,

,

. ,

,

,

.

,

.

1 TNI Corporate Europe Obser vatory (CEO) (Profi ting from Cris is).


16/32


,

, . ,

37 , 14

,

.

> : .

.

,

.

;

. ,

.

. 21

( ),

,

. 22

,

. 34 ,

, 23,1%

. 23 ,

,

16,6%

. 24

-235 -

.

,

, ,

, , ,

, ,

. 25

. 2009,

,

. 26

(PIQUE) :


17/32


,

. 27

. 28

,

, :

, .

: ,

, .

: ( )

,

.

.

.

, ,

. ,

2004 :

[ (outsourcing), ]

() ,

. ,

[ , ]

. [...] [ ,

] .

,

. [...]

[ , ]

[...]. 29

,

. ,

, .


18/32


> : . ,

.

,

,

.

. ,

,

.

33% ()

: Deutsche Bank, ,

: Freshfields Bruckhaus Deringer, Karatzas & Partners

H (

)

, . , 33% .

, 500 . 2012 (

).

,

. -

Emma Delta, 9,13

. , , Deutsche Bank

, 6,13 ,

50% ,

. 30

, ,

(

)

,

Emma Delt, . H

, . 31


19/32


()

32

,

. 33

, 2010 ,

,

( ).

2011 50 .

. ,

. 34

.

, .

,

, . ,

,

.

, .

,

. ,

, .

,

.

, 50 . .

14

: lpha Bank, Eurobank Equities ....., ,

: Watson Farley & Williams

,

135 . . 2014,

Eurobank Property Services,

Eurobank Ergasias, 145,81 . . 35

, 20

, 14,05 . .

, 135 . ,

. , , Eurobank

Property Services ( Eurobank Ergasias

Eurobank Equities ....., ) 36

. 37, .


20/32


,

580 . . 38,

500 . . 39

: Citibank,

: Fortsakis, Diakopoulos, Mylonogiannis & Associates, Watson Farley & Williams LLP

2014 ,

. 6,2

.

10 ,

. , ,

. 40 ,

700 . . ,

3 . . 41 2014,

Lamda Development ( ,

)

Fosun, 99

30% . H 915 .

10 . Lamda Development ,

, . ,

. 42 , Lamda Development

. ,

2 . .

14

: Citibank, Eurobank Ergasias

: Dracopoulos & Vassalakis, Your Legal Partners, Norton Rose Fulbright

, 2015,

. 37

, ,

,

, , , . 43 ,

, .

Fraport 50

1,23 . , , 22,9 .

. 44 Lufthansa GmbH,

. , , Lufthansa

,

Fraport, .

. 14 13,8%


21/32


22 , 19%,

Fraport Lufthansa. 45

. Lufthansa,

Fraport 51%, . ,

.

Bord Gis Energy

: RBC Capital Markets, Barclays

: Mason Hayes & Curran, McCann FitzGerald, Allen & Overy, Arthur Cox, Freshfields

Bruckhaus Deringer, A&L Goodbody

Bord Gis Energy (BGE) Centrica

plc, Brookfield Renewable Power Inc iCON Infrastructure.

2012. BGE 1,5 . ,

1,1 . , . 2

, , 1 . . 46

,

BGE 400 . . ,

Bord Gis Gas Networks Ireland. ,

,

. 47 2013, , (EBITDA)

BGE 91 . . 48 ,

27 . . 49

Royal Mail

: Lazard, UBS

: Freshfields Bruckhaus Deringer

2013, 60% Royal Mail (RM)

. RM

330 ,

2 . . H 24 , 3

RM 38% 455 . 50

RM ,

50% 72%

2 .

3 RM 24 .


22/32


. 51

51% RM, , Lazard

UBS, 60% .

60%

750 . .

RM, . , ,

. 52

Lazard RM

. Lazard

RM , ,

, Lazard

.

20 . ,

8 . . Lazard

,

RM.

, .

Lazard 1,5

. . 53 , Lazard

RM

. , Lazard William Rucker

RM

.

Lazard . 54

. 55

,

. , ,

Lazard Royal Mail, .


23/32


I AENA

: Lazard, N+1 Corporate Finance

: Prez-Llorca Abogados

2015, , 49%

AENA. , AENA

58 , ,

8,7 . . , 70 ,

20,7%. ,

100 , .

4 . ,

3 . . ,

:

10% 58

, (green shoe option). 56

80 ,

150 . . 57

Royal Mail , Lazard,

, AENA

, .

Royal Mail,

Lazard, Lazard World Dividend & Income Fund, AENA

60%.58

AENA , Lazard World Dividend & Income Fund

. ,

. 59

AENA, , Lazard World Dividend & Income Fund

, 60%

. Lazard

,

.

EDP REN

: Caixa BI, Perella Weinberg, Banco Espirito Santo de Investimento, BBVA

: Morais Leito, Shearman & Sterling, SLCM, PLMJ, GAP, Linklaters

. 2011 2012,

21,35% 40% Energias de Portugal (EDP) Redes

Energticas Nacionais (REN) , . , 21,35% EDP Three Gorges Corporation, 25% 40% REN State Grid


24/32


Corporation of China.

. Banco Espirito Santo de Investimento

. , ,

. 60

.

2015,

. Parpblica (

)

. ,

, . ,

1,6 . EDP 400 .

REN. 61 ,

2014,

,

. 62

Poste Italiane Ferrovie dello Stato

: Lazard, Rothschild, Mckinsey, The Brattle group Ltd, Bank of America

Merrill Lynch, Ernst & Young

: Cleary Gottlieb Steen & Hamilton, Gianni, Origoni, Grippo, Cappelli & Partners,

Clifford Chance, Chiomenti Studio Legale, Shearman & Sterling LLP

.

Poste Italiane, 40%

2015 Ferrovie dello Stato, 40%

2016,

. 63 ,

.

, .

Poste Italiane Luisa Todini, Forza Italia,

Rothschild & Co,

. 64

Daniela Carosio, Ferrovie dello

Stato Ernst & Young,

. 65

. ,

.


25/32


. ,

,

, ,

. 66 .

. ,

, . 2015,

,

,

. 67 ,

.


26/32


:

,

,

. , ,

.

.

, ,

.

2011, Three Gorges Corporation 21,35%

Energias de Portugal (EDP). EDP

, , ,

, . 2012, State Grid Corporation of

China (SGCC) 25% Redes Energticas Nacionais

(REN),

, (RNT)

(RNTGN).

2014, SGCC 35% CDP Reti, 30%

SNAM ( ) R ( ). , 2014

Peoples Bank of China R, Enel

. , Shanghai

Electric, , 40%

Ansaldo Energia. 68

2015, 66%

( )

SGCC. 69 , .

, 2015,

.

. 2015, -

,

EDF. O China General Nuclear Power Group (GNP) EDF

,

Hinkley Point. O 7%

2025. 70

EDF GNP 35

, .

71


27/32


.

SGCC, Zheng Baosen,

. 72

,

, .

, , (

). ,

.

.

,

,

.

, ,

, .

,

.

,

,

. ,

,

.

,

- .

( )


28/32


, . ,

,

,

- . ,

,

, , . ,

. ,

.


29/32


1 Transnational Institute, Privatising Europe a workingpaper, March 2013, https://www.tni.org/en/publication/privatising-europe

2 European Commission. New crisis management measures

to avoid future bank bail-outs, 6 June 2012, http://europa.eu/rapid/press-release_IP-12-570_en.htm

3 The Wall Street Journal, Europe hit by downgrades, 14January 2012, http://www.wsj.com/articles/SB10001424052970204542404577158561838264378

4 Transnational Institute, Unpacking Competitiveness Aprimer, June 2014, https://www.tni.org/en/publication/unpacking-competitiveness

5 European Commission, Intergovernmental supportmechanisms, 20 June 2013, http://ec.europa.eu/economy_nance/assistance_eu_ms/intergovernmental_support/index_en.htm

6 Financial Times, Brussels presses Italy to move oneconomic reform, 5 March 2014, http://www.ft.com/intl/cms/s/0/bdb7479a-a451-11e3-9cb0-00144feab7de.

html#axzz3uIsV9sEf7 William Easterly, IMF and World Bank Structural

Adjustment Programs and Poverty, January 2013, http://www.nber.org/chapters/c9656.pdf

8 TNI, EC, stop imposing privatisation of water!, 17 October2012, https://www.tni.org/es/node/14461#sept26

9 PWC, A beginners guide to privatizations, May 2013,http://www.pwc.com.cy/en/publications/privatisations-beginners-guide.html

10 Deutsche Bank, Privatisation in the euro area, 31July, 2015, https://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000359507/Privatisation_in_the_euro_area%3A_Governments_should.pdf

11 PWC, A beginners guide to privatisations , May 2013,https://www.pwc.com.cy/en/publications/assets/privatisations-beginners-guide-en.pdf):

12 PWC, Considering an IPO?, September 2012, https://www.pwc.com/us/en/transaction-services/publications/assets/pwc-cost-of-ipo.pdf

13 Rupert Neate, Lazard advised on Royal Mail shares thenproted by 8m in otation, 30 April 2014, http://www.theguardian.com/uk-news/2014/apr/30/lazard-bank-royal-mail-shares-prot-otation-margaret-hodge

14 http://www.bloomberg.com/news/articles/2015-02-05/banker-to-the-broke-lazard-advises-greece-ukraine

15 Bloomberg, Banker to the broke: Lazard advises Greece,Ukraine, 5 February 2015, http://www.bloomberg.com/news/articles/2015-02-05/banker-to-the-broke-lazard-

advises-greece-ukraine16 Lazard, 2014 Annual Report , http://les.shareholder.com/

downloads/LAZARD/272038793x0x817091/8FC9A72A-9F67-4A37-B626-C1D48D9F37B5/2014_annual_report.pdf

17 Rothschild, 1981 - today, https://www.rothschild.com/our_history/1981-today/

18 The Spectator Archive, The Privateers of Privatisation, 14October 1988, http://archive.spectator.co.uk/article/15th-october-1988/9/the-privateers-of-privatisation

19 TNI and CEO, Proting from Crisis, March 2014, https://www.tni.org/les/download/proting_from_crisis_1.pdf

20 TNI and CEO, Proting from Crisis, March 2014, https://www.tni.org/les/download/proting_from_crisis_1.pdf

21 PSIRU, Public and Private Sector Ecienc y, May 2014,http://www.epsu.org/IMG/pdf/PSIRU_eciency.pdf

22 PSIRU, Public and Private Sector Eciency, May 2014,http://www.epsu.org/IMG/pdf/PSIRU_eciency.pdf

23 New Internationalist, NI 488, December 2015, p. 21

24 New Internationalist , NI 488, December 2015, p. 21

25 Kishimoto, S. Lobina, E. & Petitjean, O., Our Public WaterFuture, April 2015, https://www.tni.org/les/download/ourpublicwaterfuture-11_conclusion.pdf

26 Pique, The Project, February 2009, http://pique.at/project/aim.html

27 Pique, The Impact of Liberalisation and Privatisation onLabour relations, 2008, page 9, http://www.boeckler.de/pdf/wsi_pj_piq_policy_paper_2.pdf,

28 Pique, The Impact of Liberalisation and Privatisation onLabour relations, 2008, page 11, http://www.boeckler.de/pdf/wsi_pj_piq_policy_paper_2.pdf

29 IMF, Public-Private Partnerships, 12 March 2004, page3, http://www.imf.org/external/np/fad/2004/pifp/eng/031204.pdf

30 Tagesspiegel, Europoly, http://europoly.tagesspiegel.de/english/

31 Yiannis Baboulias, Our big fat Greek privatisationscandals, 10 June 2014, http://www.aljazeera.com/indepth/opinion/2014/06/our-big-fat-greek-privatisation--20146921125385770.html

32 Zoe Mavroudi, Taiped: Greeces privatisation fund hitsa bumpy road, 15 April 2013, https://usilive.org/taiped-greeces-privatisation-fund-hits-a-bumpy-road/

33 European Commission, Memorandum of Understandingbetween the European Commission acting on behalfof the European Stability Mechanism and the HellenicRepublic and the Bank of Greece, August 2015, http://ec.europa.eu/economy_nance/assistance_eu_ms/greek_loan_facility/pdf/01_mou_20150811_en.pdf

34 C.J. Polychroniou, Greece: A Nation for Sale and the Deathof Democracy, 31 July 2014, http://www.truth-out.org/news/item/25244-greece-a-nation-for-sale-and-the-death-of-democracy

35 Yiannis Baboulias, Our big fat Greek privatisationscandals, 10 June 2014, http://www.aljazeera.com/indepth/opinion/2014/06/our-big-fat-greek-privatisation--20146921125385770.html

36 Hellenic Republic Asset Development Fund, Invitation tosubmit an expression of interest for the sale of propertiesof the hradf and the lease of the same properties to thehellenic republic, 11 March 2013, http://www.hradf.com/sites/default/les/attachments/20130311-eoi-slb-full-en1.pdf

37 The Press Project, Government sells properties to

Eurobank, in order to rent them back, 14 May 2014, http://www.thepressproject.net/article/61886/Government-sells-properties-to-Eurobank-in-order-to-rent-them-back;http://en.eurobankpropertyservices.gr/Content.aspx?page=17

38 Katerina Papathanasiou, 3 HRADF Board Members andSenior Management Face Serious Charges, 20 July 2015,http://greece.greekreporter.com/2015/07/20/3-hradf-board-members-and-senior-management-face-serious-charges/

39 ANA-MPA, Criminal charges against HRADF boardmember, senior management, 20 July 2015, http://www.amna.gr/english/articleview.php?id=10692


30/32


40 Tagesspiegel, Europoly, http://europoly.tagesspiegel.de/english/

41 Greek Reporter, Technical Chamber of Greece: TrueValue of Elliniko is 3 Billion Euros, 31 October 2014,http://greece.greekreporter.com/2014/10/31/technical-chamber-of-greece-true-value-of-elliniko-is-3-billion-euros/

42 The Press Project, Anti-corruption prosecutor launchesinvestigation into privatisation deal for former airport ,18 December 2014, http://www.thepressproject.net/article/70508/Anti-corruption-prosecutor-orders-investigation-into-privatisation-deal-for-former-airport

43 Verena Nees, Television programme shows how Germancompanies benet from privatisation in Greece, 30 July2015, https://www.wsws.org/en/articles/2015/07/30/revi-j30.html

44 Tyler Durden, Greek Liquidation Sale Begins: GermanCompany Wins privatisation Bid For 14 Greek RegionalAirports, 18 August 2015, http://www.zerohedge.com/news/2015-08-18/greek-liquidation-sale-begins-german-company-wins-privatization-bid-14-greek-regiona

45 Verena Nees, Television programme shows how Germancompanies benet from privatisation in Greece, 30 July2015, https://www.wsws.org/en/articles/2015/07/30/revi-j30.html

46 Sarah McCabe, Payday for BGE advisers despite 400mshortfall, 20 July 2014, http://www.independent.ie/business/irish/payday-for-bge-advisers-despite-400m-shortfall-30444536.html

47 Sarah McCabe, Payday for BGE advisers despite 400mshortfall, 20 July 2014, http://www.independent.ie/business/irish/payday-for-bge-advisers-despite-400m-shortfall-30444536.html

48 Ervia, Bord Gais Annual report 2013, July 2014, http://www.ervia.ie/news/press-releases?i=3

49 Sarah McCabe, Payday for BGE advisers despite 400mshortfall, 20 July 2014, http://www.independent.ie/

business/irish/payday-for-bge-advisers-despite-400m-shortfall-30444536.html

50 National Audit Oce, The Privatisation of Royal Mail,April 2014, https://www.nao.org.uk/wp-content/uploads/2014/04/The-privatisation-of-royal-mail.pdf



53 Rupert Neate, Lazard advised on Royal Mail shares thenproted by 8m in otation, 30 April 2014, http://www.theguardian.com/uk-news/2014/apr/30/lazard-bank-royal-mail-shares-prot-otation-margaret-hodge

54 Nick Mathiason and Tom Warren, Lazard AssetManagement was a Royal Mail priority investor and made8m prot in one week, 30 April 2014, https://www.thebureauinvestigates.com/2014/04/30/exclusive-lazard-asset-management-was-a-royal-mail-priority-investor/

55 Investopedia, Chinese Wall, http://www.investopedia.com/terms/c/chinesewall.asp

56 Investopedia, Greenshoe Option, http://www.investopedia.com/terms/g/greenshoe.asp

57 Gonzalo Garteiz, La mala venta de AENA realizadapor el Gobierno genera una minusvala patrimonial alEstado de 2.610 millones en menos de dos meses, 1April 2015, http://www.lacelosia.com/la-mala-venta-de-aena-realizada-por-el-gobierno-genera-una-minusvalia-patrimonial-de-2-610-millones-en-menos-de-dos-meses/

58 Raul Pozo, Lazard especula en Bolsa y se forra con AENAtras asesorar al Gobierno en la OPV, 8 June 2015, http://vozpopuli.com/economia-y-nanzas/63508-lazard-especula-en-bolsa-y-se-forra-con-aena-tras-asesorar-al-gobierno-en-la-opv

59 Raul Pozo, Lazard especula en Bolsa y se forra con AENAtras asesorar al Gobierno en la OPV, 8 June 2015, http://vozpopuli.com/economia-y-nanzas/63508-lazard-

especula-en-bolsa-y-se-forra-con-aena-tras-asesorar-al-gobierno-en-la-opv

60 Ana Sigh, Auditoria, Privatizaes da EDP e da REN noacautelaram interesse estratgico, 29 June 2015, http://observador.pt/2015/06/29/auditoria-privatizacoes-da-edp-e-da-ren-nao-acautelaram-interesse-estrategico/

61 Nuno Guedes, Estado pode ter perdido milhes comprivatizaes da EDP e REN, 28 June 2015, http://www.tsf.pt/economia/interior/estado-pode-ter-perdido-milhoes-com-privatizacoes-da-edp-e-ren-4650198.html

62 Ana Maria Gonalves, Estado deve proteger melhoractivos estratgicos, 29 June 2015, http://economico.sapo.pt/noticias/estado-deve-proteger-melhor-activos-estrategicos_222183.html

63 Il Fatto Quotidiano, Ferrovie ello Stato, al viaprivatizzazione, del 40%. Ma la rete resta pubblica,23 November 2015, http://www.ilfattoquotidiano.it/2015/11/23/ferrovie-avviata-la-procedura-di-privatizzazione-infrastruttura-resta-pubblica/2243936/.

64 Vittorio Malagutti, Luisa Todini, Le Poste e quell conittodinteressi, 7 October 2015, http://espresso.repubblica.it/plus/articoli/2015/10/07/news/luisa-todini-le-poste-e-quel-conitto-d-interessi-1.233518

65 Luigi Franco and Gaia Scacciavillani, FS, Il doppio ruolodel consigliere Carosio che pure dirigente del suoconsulente, 21 July 2015, http://www.ilfattoquotidiano.it/2015/07/21/fs-il-doppio-ruolo-del-consigliere-carosio-che-e-pure-dirigente-del-suo-consulente/1889945/

66 European Commission, The Economic AdjustmentProgramme for Cyprus, May 2013, http://ec.europa.eu/economy_nance/publications/occasional_paper/2013/pdf/ocp149_en.pdf

67 European Commission. The Economic AdjustmentProgramme for Cyprus. 7th Review, October 2015, http://ec.europa.eu/economy_nance/publications/eeip/pdf/ip009_en.pdf

68 Ansaldo Energia, FSI-Shanghai Electric strategicagreement for Ansaldo Energia, http://www.ansaldoenergia.it/easynews/newsleggi.asp?newsid=119

69 Financial Times, Chinese investors wary of lling Greecesgolden begging bowl, 25 June 2015, http://www.ft.com/intl/cms/s/0/5612ac98-1b23-11e5-a130-2e7db721f996.html#axzz3rlXFGU6Z

70 Sean Farrell and Terry Macalister, Work to begin on

Hinkley Point reactor within weeks af ter China dealsigned, http://www.theguardian.com/environment/2015/oct/21/hinkley-point-reactor-costs-rise-by-2bn-as-deal-conrmed

71 Osborne, A. , Hinkley Point C is a lousy template fornuclear Britain, October 21 2013, http://www.telegraph.co.uk/nance/newsbysector/energy/10394772/Hinkley-Point-C-is-a-lousy-template-for-nuclear-Britain.html

72 De Clercq, G., Zhu, C., and Jewkes, S., China State Gridquietly builds Mediterranean power network, 10 August2014, http://uk.reuters.com/article/2014/08/10/utilities-mediterranean-china-idUKL6N0QB5NF20140810


31/32



32/32

Transnational Institute (TNI)

, ,

. 40 , TNI

,

.

www.TNI.org

, ( ,

)

, .

. ,

.

tni privatisingeurope180216 greek print

Documents