Privatisations of state-owned assets have become a central plank of EU/Troika agreements with debtor nations such as Greece, Ireland, Italy, Spain and Portugal, but there has been little examination of their track record nor an examination of who really benefits. This report puts a spotlight on the legal and financial corporate giants making millions out of the new wave of privatisations across Europe.
In the last years the Troika (made up of the European Commission, European Central Bank and the International Monetary Fund) has pushed through privatisation programmes in indebted EU countries, despite major popular opposition. This briefing examines the consequences of those privatisations. It puts a spotlight on the process, exposes the corporate players that have profited, and examines whether the sale of state-owned assets has delivered on its proponents' promises.
A close examination of nine high-profile privatisation deals across Europe shows that:
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