Greece unlikely to meet privatisation targets after gas deal falls through

Reports that the privatisation of Greek gas firm DEPA could be a failure have seen Greek markets tumble. The sale has apparently received no bidders after energy group M&M gas withdrew from the process. This leaves Russian Gazprom as the only likely bidder.

Stocks dropped by over 5.2 per cent on the news, with banks down 3.8 per cent and blue chips suffering by 5.3 per cent. Greece now looks unlikely to meet its mandated privatisation targets.