New austerity deal deals fresh blow to Greek real estate
A deal struck between Greece and international creditors earlier this week on austerity the country must implement to secure rescue funding will hurt the heavily battered property market, said Tassos Kotzanastassis, who chairs the Urban Land Institute, Greece and Cyprus.
After six months of negotiations, Greece has agreed with its lenders -- eurozone countries and the International Monetary Fund -- to further cut pensions and slash the tax free threshold in exchange for rescue aid and the opening of talks to restructure its public debt.
Kotzanastassis, who is also managing director of real estate firm 8G Capital Partners, pointed out the mixed results arising from the deal. He said the positive side includes the reduction of uncert