Greece May Sell or Lease Islands to Ease Debt Problems

Greece may put some of its islands up for a sale in a bid to raise cash for the government's ailing finances, according to the Guardian.

Chinese and Russian investors are interested in buying or taking out long-term leases on some of Greece's 6,000 sunny islands, the Guardian reported, without identifying its sources.

Greece has engaged in desperate measures after being pushed into an International Monetary Fund and European Union bailout package worth 110 billion euros. Rioters took to the streets after the Greek government announced an austerity package of budget cuts in a bid to reassure international investors that the country would not default on debts.

Destinations that may go on the block include an area in tourist hot-spot Mykonos. Investors are also interested in a part of the island of Rhodes.

Roman Abramovich, a Russian billionaire and owner of London's Chelsea soccer club, may be among the potential island buyers, the Guardian said, though it reported that a spokesman denied he was about to invest.