Greece on Monday agreed to sell a 10 percent stake in Hellenic Telecom (OTE) to Germany's Deutsche Telekom AG (DTEGn.DE) as the Mediterranean state kicks off privatisation deals to cut its debt pile. The European Union and IMF have been pressing Greece to conduct large-scale privatisations to raise funds for reducing its huge debt. Cash-strapped Greece has pledged to raise 50 billion euros ($73.2 billion) from privatisations by 2015 and the pre-arranged OTE sale is the first state asset to be shifted as part of the programme. The Greek government exercised its "put" option to sell a 10 percent stake in OTE for around 400 million euros ($585.7 million).
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