When individuals or companies go bankrupt, their assets are administered, and usually sold, by agents of the creditors to pay as high a proportion as possible of the debt.
States are treated with surprising leniency. Discussion of the possibility of a Greek default rarely mentions the sale of Greek Government assets, yet those must be considerable.
Governments usually own many buildings in prime city centre sites and considerable tracts of land. Military installations alone take up considerable space.
It would be amusing to see all that auctioned by the liquidators.
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