Greece's four systemic banks have apparently lifted stern objections to the transfer of a majority stake (51 percent) of the state-run power transmission grid operator (ADMIE) from the Public Power Corp. (PPC), another state-run utility, to the privatization fund.
The transfer is necessary condition for the sale of a minority stake of ADMIE to a Chinese multinational, along with the grid operation's management.
Banks responded positively to the prospect additional provisions for a 2.2-billion-euro loan package extended by the four banks to PPC in 2014. The offer was made during an extraordinary PPC general assembly on Tuesday, convened with the sole purpose of approving the partial sell-off of ADMIE to the China Grid Corp.
