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TAIPED

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Definition: No, it's not a misspelling for Taiwan, or its capital of Taipei. TAIPED is all Greek, and it stands for the state privatization fund, also called in English the Hellenic Republic Asset Development Fund, which is to oversee the sell-off of various state assets belonging to the Greek government. These sales are to satisfy members of the so-called Troika, who represent Greece's debtors.

TAIPED Privatization Projects

At present, 28 separate projects are part of the sell-off proceedings. Each of these "projects" involves many smaller parts. While it looked as if the June 2012 elections might inspire some renegotiations between the Troika and Greece, especially after the troubled economies Spain and Portugal appeared to have achieved somewhat better terms than Greece, it appears that the new Greek coalition government will stay the course and defer or entirely avoid asking for any change in the terms or schedule of the bailout agreement.

Problems with Privatization

While many believe privatization is the way for Greece to make its way out of its financial crisis, the reality is more complicated. The belief that there are 50 billion euros in quickly-saleable assets in 2012 is balanced against the reality that Greece managed to raise only 10 billion euros by privatization a decade ago, which eKathimerini points out was during a much better financial period for the world.

Since Greece still lacks a modern land register, revenue projections from the potential sale of state-owned land and real estate in Greece and the Greek islands are particularly subject to questioning. As many would-be developers have discovered, finding out the ownership of any land in Greece is a complicated process. Adding to the difficulty is that many government-owned parcels have been filled with illegal structures. While clearing them would seem to be the easy solution, some of them are businesses that have been standing for decades and represent measureable portions of an island's economy.

In mid-July, the head of TAIPED, Costas Mitropoulos, resigned. He was replaced by Takis Athanasopoulos, who previously headed up the Public Power Corporation (PPC) in Greece. Here is the official Hellenic Republic Asset Development Fund website in English.

TAIPED in the News

Kathimerini July 22nd, 2012: The ills that have seen TAIPED fail so far: Why the privatization plan is threatening to open a new hole in Greece's second bailout package.

The Ills That Have Seen Taiped Fail So Far

Pronunciation: Tye-ped
Also Known As: Hellenic Republic Asset Development Fund
Alternate Spellings: In Greek it is Ταμείο Αξιοποίησης Ιδιωτικής Περιουσίας του Δημοσίου (ΤΑΙΠΕΔ) or Tameio Asiopoisis idiotikis periousias tou Dimosiou
Common Misspellings: TAIPED may be corrected to "taped", "taiping" or "Taipei" by some automatic spellcheck programs.
Examples:
Some observers are hoping that TAIPED may be able to bring down Greece's debts through privatization.

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