German Politician Calls on Greece to Sell Islands to Save Economy

Published January 07, 2015

How should Greece get out of its financial crisis? One German party leader believes the country should sell its islands.

Josef Schlarmann, a senior figure in Germany's governing Christian Democratic Party, tells the Times of London that selling uninhabited islands could save Greece from financial ruin.

"What should a bankrupt person be doing? Selling everything he owns to his creditors, that's what," Schlarmann said. "For the Greeks, that means buildings and unpopulated islands."

One tourism promoter thinks Greece should look into the idea.

"I'd say now is a good time to start looking at this market," Leonidas Babanis told the Times.

Brokers believe Greece could possibly receive up to $300 million for uninhabited islands.

German Chancellor Angela Merkel on Friday avoided giving debt-plagued Greece a commitment of financial assistance, as Athens was rattled by more strikes and violent protests by unions outraged by harsh economic austerity measures.

Greece didn't ask for financial support, and Germany didn't offer any in talks between Merkel and Greek Prime Minister George Papandreou, while Merkel said there would be a common push to crack down on market speculation that has led Greece's cost of borrowing to skyrocket.

Click here for more on this story from the Times of London.

The Associated Press contributed to this report.

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