Greek shares plummet after lack of gas bids

City A.M. Reporter
THE Athens Stock Market fell five per cent yesterday afternoon after it emerged Greece has failed to attract any buyers for its natural gas company DEPA, in a major setback to the country’s ambitious privatisation program.

The failed sale overshadowed upbeat data showing Greece was on track to meet budget targets.

Failure to find a buyer for DEPA – which Athens hoped could fetch as much as €900m – leaves the country unlikely to meet privatisation goals this year, forcing the government to seek other savings to hit its bailout targets.