"LONDON (MarketWatch) â Greece will immediately sell its stakes in TT Hellenic Postbank and telecom provider OTE, as well as in ports and other assets as part of a 50 billion euro ($70 billion) privatization plan to try to meet deficit-reduction targets, Finance Minister George Papaconstantinou said Monday. Following a lengthy cabinet meeting, Papaconstantinou, in a statement, said the government would sell stakes in the postal savings bank, the telecom provider, the Athens and Thessaloniki ports and the Thessaloniki water company. The cabinet also âreaffirmed its determinationâ to continue its deficit-reduction program by taking additional measures worth more than â¬6 billion, or 2.8% of GDP, to meet its 2011 deficit target of 7.5% of GDP, according to Papaconstantinou. He said Greece would set up a sovereign-wealth fund to serve as a holding company for state assets and real-estate holdings. Greek and other peripheral bond yields soared and the euro dropped to its lowest level against the dollar since March earlier Monday. Fitch Ratings on Friday downgraded Greeceâs sovereign-debt rating further into junk territory, while Standard & Poorâs warned it could eventually cut Italyâs credit rating. Read more about how Italy and Span retrigger sovereign-debt fears. Spanish election results also weighed on markets. A defeat for the ruling Socialist party in weekend regional elections was viewed as a backlash against austerity measures. The euro EURUSD -0.5449% later trimmed losses to change hands at $1.4032 in recent action, a decline of 0.5% from Friday." IMO this is a bad move long term. Thoughts?