For sale!

[Ivo Skoric]

Despite sane advices and running contrary to long-term common 
sense, Croatian government went forward and sold its oil giant INA 
to Hungarian oil giant MOL. MOL acquired 25%+1 share for $505M 
U.S. This is 1/8 of what the U.S. spends monthly just to run its 
occupation force in Iraq. It places INA-s value at $2B roughly. The 
sale gave MOL a controlling stake in INA.

Tudjman's government presided over the sale of power distribution 
(Enron), telecommunications (Deutsche Telekom), merchant navy 
(various buyers), 85% of banking industry (Italian and Austrian 
banks, mostly). Racan's government sold the rest of the banks, 
hotels, ships, and now the oil industry.

A friend of mine from Zagreb wonders what would the next 
government sell to fill up its campaign coffers before the elections. 
NOTHING. Because nothing is left. Hmmm, maybe the railroads, 
and the Croatian Airlines - but they are not really that good earners 
for anybody to rush to buy them. Future Croatian governments will 
obviously have to think of some other way to get funded.

ivo