Greece sells state-owned railway operator to Italian firm

MarketsAssociated Press

Greece's privatization agency has signed a deal to sell the country's state-owned Trainose railway operator to Italian state's Ferrovie dello Stato Italiane for 45 million euros ($48 million).

The agency says the sale of its 100 percent stake to the Italian railway company is subject to approval by European Union authorities.

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Wednesday's agreement is part of Greece's huge, but dragging, drive to sell off state assets, required under the terms of its bailout agreements with the country's European partners and the International Monetary Fund.

The country has depended on international rescue loans since it lost market access in 2010, after revelations it underreported budgetary overspending.