Germany’s approval of Greece’s third bailout of €86 billion on Wednesday marked what critics of austerity warn is a new phase in the ongoing economic crisis: the privatization of the country’s most valuable assets.

Under the terms of this latest agreement, Greece’s Syriza government—backtracking on some of its key campaign promises—agreed to sell-off €50 billion in state property. 

In a letter to the Guardian published on Monday, Nick Dearden, director of the social justice organization Global Justice Now, charged that at this point in the crisis, “the purpose of the bailout has little to do with repaying debt and everything to do with creating a corporate paradise in the Mediterranean.” 

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“Greece is up for sale,” Dearden continued. “From the national lottery to the port of Pireaus and swaths of Corfu, corporations are scrambling to get a piece of the action.”

In the first wave of such buyouts, German airport operator Fraport purchased the right to operate 14 regional airports in Greece, many of which are located in popular tourist destinations, according to reports citing the German government’s official gazette. The €1.2 billion contract will last for 40 years.