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Fourth Tranche for Greece Hinges on Hellinikon Project Approval

The Hellinikon project. Photo Source:

The Hellinikon project. Photo Source:

The multi-million-euro Hellinikon investment project set to be developed at the former Athens airport – a requirement set by Greece’s international lenders in order for Greece to receive the fourth 5.7-billion-euro trance of bailout funds — is still hinging on the approval by the Council of State.

According to European Commissioner for Economic and Financial Affairs Pierre Moscovici, who confirmed on Monday that bailout negotiators would return to Athens on February 26, the Council of State decision is set to be announced in the next week.

The Hellinikon project.

The Hellinikon project. Photo Source:

The approval by the Council of State is the final hurdle to be cleared before construction can begin this year.

The project, which has been dogged by dozens of delays, is set to create some 70,000 jobs and boost state coffers by some 14.1 billion euros in tax revenues by 2041.

The 8-billion-euro venture includes a metropolitan park, casino, shops, offices, sports and conference facilities, luxury hotels, theme parks, museums, malls, cultural venues, health centers, educational and research facilities and a marina.

The release of the fourth tranche also requires that the government move ahead with the highly controversial electronic auctions for foreclosed property.

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