Spain has announced measures to partially privatise its airports operator AENA, which it says could be worth up to €30 billion, and its money-spinning state lottery, as it seeks to reduce the national debt.
The Spanish government announced today that it would allow private companies to take stakes of up to 49% in the country's airports and airport services' business.
The government also wants to privatise 30% of the state lottery, by far its most lucrative public enterprise, with an estimated €2.6 billion of revenues for 2010.
A government spokesman said it expected to raise €5 billion from the sale of the lottery business.
Spain's biggest airports, Madrid and Barcelona, would be run privately under operating concessions, Prime Minister Jose Luis Zapatero told parliament.
'We haven't yet decided if it will be a financial partner, or a stock market listing or a mixed solution,' a public works ministry official said.
The government is hoping AENA could have an enterprise value of €30 billion, which would include around €12 billion of debt.
ECB key to euro zone stability - Rehn
The Spanish announcement comes on the same day that the EU's economic and monetary affairs commissioner, Olli Rehn said that the ECB is key to stability in the euro zone and there is a sound basis for the bank to continue to act as a stabilising force.
In a speech to policy-makers, Olli Rehn acknowledged the euro zone had a way to go to rebuild confidence among the financial markets, but said the measures already taken by EU institutions to combat the debt crisis were having an impact.
'As a whole, the decisions taken on Sunday constitute a resolute response to the market turbulence,' Mr Rehn said, referring to the €85 billion rescue deal for Ireland and steps to create a European Stability Mechanism.
'Altogether, these measures could provide a sound basis for the continuation of actions of stabilisation by the ECB, which has played a key role in ensuring financial stability in the euro area, for instance last May.'
There is widespread speculation in financial markets that the ECB could step in as early as tomorrow with further measures to buy the debt of some euro zone member states as a means of stabilising the crisis.
Some analysts have said the size of any intervention would need to be in the region of €1-2 trillion.
Mr Rehn's mention of the role the ECB played in May appeared to refer to the fact that the European Central Bank began buying euro zone debt that month to help indebted countries that were coming under heavy pressure from financial markets.
He said the euro zone was determined to do everything to defend the euro and restore both stability and confidence in financial markets.
'While the recent decisions prove the resolve of the EU, we are fully aware that this is not yet enough to restore confidence,' he said. 'We need to work in all policy areas and with ever stronger sense of urgency and determination.
'The challenges to financial stability of the euro area have certain systemic features, which require a systemic response.'
