Greek unions criticize powerful new privatization fund

Greek labor unions say they are backing strikes and protests against a plan to place major state assets under the control of a new privatization fund to be headed by bailout creditors.

The fund called the Hellenic Company of Assets and Participations will take control of public utilities for 99 years if parliament approves draft legislation late Tuesday. The Greek Finance Ministry will appoint the majority of members on the fund's executive board, but lenders will appoint its chairman.

The asset move is part of measures demanded by creditors from other eurozone nations as part of Greece's third consecutive international bailout after creditors argued that the Greek privatization program had been moving too slowly.