Now That The Banker Bailout Plan Is Set, Here Are The Greek Islands About To Hit Ebay And Fund Another Record Wall Street Bonus Season

The description of the Greek bailout plan in the NYT has just one salient paragraph. Here it is: "With great reluctance, European governments have come to the conclusion that an additional €60 billion now, while politically unappealing, would be less costly than the unquantifiable public funds that would be needed if a restructuring of Greece’s debt produced a Lehman Brothers-like contagion that spread not just to Portugal and Ireland but possibly Spain and the financial system as a whole." Ah yes, with "great reluctance" European governments, bought and purchased by bankers, have decided to bail out their sources of capital. As for the conclusion, the only thing that matters is how long before European taxpayers realize that once again they are the mark in this latest pathetic attempt to ignore reality, which incidentally for those who are clueless, is the following: "“Greece’s G.D.P. is already declining and now the government will need to cut another €7 billion in spending,” said Jason Manolopoulos, who manages a hedge fund based in Athens and Geneva and is the author of “Greece’s ‘Odious’ Debt: The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community.” “That is only going to make the debt to G.D.P. figures worse,” he said. “There is no getting around it: Greece is insolvent.”" So while the bankester cartel is dead set on bleeding the last drop of hemoglobin from the petrifying Greek corpse, here, courtesy of the WSJ is what will soon be purchased by special purpose entities controlled by the same banks that are just now getting bailed out.

But before that, here are the details of the latest brilliant "Kick The Can Down The Road" plan:

While the agreement for as much as €60 billion, or $86 billion, would, in theory address Greece’s need for cash this year and next, it puts off for the time being a restructuring, hard or soft, of Greece’s mammoth debt burden

At the deal’s heart would be an informal understanding that the private sector holders of Greek government bonds might be persuaded to roll over their debts, or extend new loans at the time their older obligations come due.

By taking on more dubious Greek risk — backed by new funds from Europe and the International Monetary Fund — exposed banks would not just step back from the precipice of a “haircut,” or a forced loss on their bonds, they might also hope that in another two years, Greece will be in a better position to repay its debts in full.

The expectation that Europe will again come to Greece’s rescue bolstered both the euro and equity markets on Tuesday. Yields on Greek 10-year bonds have dropped sharply, to 15.7 percent Tuesday from a high of 16.8 percent last week.

The plan may be new, but the idiots in charge are the same:

“Restructuring is off the table,” said a senior official in the Greek Finance Ministry. “For now it is all about growth, growth, growth.” This person, who spoke on condition of anonymity while the talks continued, said an announcement from the European Union, the I.M.F. and the European Central Bank could come as soon as Friday or early next week.

What growth? Can someone explain how the country will generate "growth" and, far more importantly, cash, when it is selling off assets?

And for details on that we go to the WSJ:

Now might be your chance to buy that portion of a Greek island you have been coveting.

As part of Greece's privatization plan to raise cash to reduce its mountain of debt, the national government is preparing to sell as much as €30 billion ($42.9 billion) of public property. It is still early in the process, but future sales are likely to include assets ranging from the government's stake in the Mont Parnes Casino resort in Athens, hotels, and even a concession to develop a luxury resort with a world-class golf course on the island of Rhodes.

The Hellenic Public Real Estate Corp., the government body that manages public property, has a list of about 75,000 individual government-owned properties. The corporation has appointed National Bank of Greece  SA to lead a consortium of advisers who are now preparing to sell an initial portfolio of 20 to 30 properties, the first of which could be put on the market in the next few months, according to Aristotelis Karytinos, general manager of the real-estate division at National Bank of Greece.

The International Monetary Fund, in its latest report on Greece, estimates that as many as €15 billion could be raised through real-estate sales. Mr. Karytinos says expected proceeds from property sales or leasing is now estimated at between €15 billion and €30 billion. The first step is to sift through the long list of public property, identify the best real estate, and resolve any legal issues to ensure that the property is able to be fully developed by investors.

There is a "plan" to make the sale of the country to the same creditors that the country is bailing out palatable:

"Our strategy is to award concessions, long-term leases of 30 to 40 years, depending on the individual property, but the government will retain ownership of the land," Mr. Karytinos said. "The first properties should come to market in the next few months, but certainly by the end of the year." Long-term leases are attractive partly for political reasons. Development by foreign investors would be more palatable for Greek citizens if the underlying land remains in government hands.

Luckily, the Greeks are idiots, and will never figure outthis bait and switch. But don't worry: Santorini will be sold As Is; with a 7 day overnight FedEx ground (or boat) delivery option. Sold to Goldman. No concessions there. Especially since nobody will agree to the concession route:

"It is too easy for tenants to break leases in Greece, and that adds too much risk to the transaction," says Alistair Calvert, a London-based partner with Northcliffe Asset Management Ltd., an investment firm specializing in sale-and-leaseback transactions.

So now that Germany has sacrificed it ruling class to banker interests, and Europe knows all too well just who is calling the shots, the ball is back in Greek court:

Whatever the next step is in Greece's plan to privatize public real estate, all eyes will be on how Athens handles the first deals that come to market.

"It is extremely important that they get the first couple of projects right," Ms. Agapitidou said. "If the first projects go well, the interest of international investors will increase."

Oh they will get the first projects fine, all right. After all it is JPM, GS, BAC, Citi, UBS, RBS, RBC, CITI, DB et al that are preparing the CIMs that will be ultimately presented to, and used by, individuals at JPM, GS, BAC, Citi, UBS, RBS, RBC, CITI and DB.