Finalization on Wednesday of a contract to sell-off Greece's previously debt-laden and under-performing rail operator (Trainose) to Italy's Ferrovie dello Stato for 45 million euros will reportedly be accompanied by up to 500 million euros in investments by the rail giant, primarily in terms of rolling stock.
The contract was finally signed on Wednesday between Greece's privatization fund (TAIPED or HRADF) and Ferrovie dello Stato Italiane, following months of delay to get an approval by Greece's Court of Audit.
Italian executives also promised technological upgrades, especially in terms of passenger services, given that Trainose has long been criticized as remaining stuck, in terms of quality of services, more in the 1970s and '80s instead of the 21st century.
What raised eyebrows in the Greek capital was the fact that no ministers from the leftist Greek government were on hand for the relevant ceremony.
The contract was signed by Ferrovie dello Stato Italiane's CEO, Renato Mazzoncini, and Hellenic Republic Asset Development Fund chairman Antonis Leousis.
