Individuals being neck deep in debt is a common phenomenon, but countries also following in the debt trap can raise eyebrows. Being consumed by sky rocketing debts, the Hellenic Republic, Greece is being asked by the European Union to go for a Big Fat Greek Auction. The auction would include islands, historic buildings, art works and stakes in state-owned companies.
While working on debt payment options an economics specialist suggested that Athens should give away uninhabited islands in return to the economic aid that would be extended by EU and Germany. However the deputy Foreign minister of Greece would unperturbed by this and said such suggestions are inappropriate for the time being.
Greece has a vast lineup of 3000 islands across the Aegean and Ionian seas out of which only 200 are inhabited. The Private Islands Online Website suggests that owing a Greek island is nothing less than a status symbol.Â The price offers are lucrative here, with St Athanasios island, in the Gulf of Corinth for just â‚¬1.5m for 2.5 acres. A bigger island haven of 300-acre isle in the Diapori chain is up for â‚¬ 15 millions. If only I had the prowess of money, I wouldnâ€™t have blinked an eyelid before making these deals.