Overhaul of over-indebted ELTA starts at the top

Greece's state assets fund has called for the resignation of the president and CEO of troubled state-owned Hellenic Post (ELTA) after the postal service reportedly incurred debts of more than 557 million euros in 2017.

The Hellenic Corporation of Assets and Participations (HCAP) is also expected to replace the company's board, the employees' union representatives and those of the other shareholders during ELTA's general meeting on Wednesday.

The changes are part of HCAP's mandate to consolidate the finances of the state-owned companies under its purview.

Set up in 2016 as part of Greece's bailout program commitments, HCAP oversees several state entities and companies, among which the agency in charge of state asset sales, HRADF (TAIPED in Greek).

The new management of ELTA will be tasked with implementing a revised business plan - a tall order...