Saturday September 24, 2011 :30 percent of Loterias y Apuestas del Estado to be sold to ease the nation's chronic debt
 
The Spanish government announced Friday that it has approved the sale of up to 30 percent of state-owned lottery operator Loterias y Apuestas del Estado (LAE) in a move to raise cash in order to ease the nation's chronic debt.
 
Spain kicked off the share sale last Monday, defying tough markets to push on with what will be the country´s biggest initial public offering (IPO).
 
The IPO, which one person familiar with the matter said could raise Euros 6 billion to 9 billion ($8.1-$12,1 billion) for state coffers, is due to be completed in October, ahead of a November 20 election, the Reuters news agency reports.