Greece had taken the initial move on Monday to get money through the selling of govt. properties, although a premier spokesperson at the Central Bank of the European Union (ECB) debated that the country was solvent and required paying its debts.

Greece worked out a contract to sell a 10% share in the part-privatized telecom company Hellenic Telecommunications Organization S.A. usually known as OTE, to German telecom company Deutsche Telekom for approximately €400 million, or 585 million United States dollars. However, the contract was still being finalized Deutsche Telekom expressed its welcome to the contract.

Although that amount is likely to make just a little reduction in country’s overall debt of €400 billion, Mr. L. Bini Smaghi, an associate of the managerial panel of the ECB, said the country held saleable properties valued €300 billion and is solvent.

Appraisers claim that the ECB’s reliability has fallen off since its share in Greek debt results in an interesting issue.

The Greek authority has started attempting to get money through selling shares it holds in companies similar to O.T.E., but the denationalization initiative has run into intense opposition from residents already tired of strict procedures.

Deutsche Telekom currently holds OTE’s 30% share since March 2008 including the further sale of 5% of OTE’s share by the Greek state in July 2009. A top official said that the sum for the 10% share is still being worked out and would be around €400 million.