In April Cuban government officials announced plans to move about 40 percent of the country’s output to the nonstate sector in five years. This followed a move two years ago to lay off employees in state owned enterprises and encourage them to become entrepreneurs, operating their own businesses. Over 250,000 Cubans took advantage of this… Read More
Greece to Raise €50 billion by 2015 via Privatization
Greek government aims to raise €50 billion by 2015 via privatization—or 1/6th of its estimated 2011 $308 billion GDP (40% is public sector). Caught between the European financing bailout requirements, the general concerns of Greek citizens about losing their country’s treasured assets and the specific concerns of more well paid and unionized employees of state… Read More
Vietnam Privatization Slowed by Book Value vs. Market Value Rule
The Ministry of Finance in Vietnam plans to privatize 367 state-owned enterprises by 2015 (as many as 93 SOEs this year). The privatization process is slower than hoped because of the government’s rule that SOEs cannot sell stakes to investors at prices below the SOE’s book value. Government officals are asked to consider allowing… Read More