Greece’s government announced on Monday it is stepping up its extensive privatization program, raising its state asset sales target for the year to $5.5 billion EUR, up from an initial target of between $2 billion EUR and $4 billion EUR that they said they were aiming for just a few weeks ago.Under the revised plan, Greece will immediately seek a buyer for its 34% stake in Hellenic Postbank, which it had originally slated for 2013. It will also move sometime this year to sell another 34% stake, in the gambling monopoly OPAP SA, instead of in 2012.The government said it will move forward with sales of its holding in Piraeus Port Authority SA, the Thessaloniki Port Authority SA, and the Thessaloniki Water Supply and Sewerage Company. The government owns a 74% stake in each of those companies.Greek Finance Minister George Papaconstantinou said in a statement, "The Cabinet decided to immediately proceed with the sale of stakes in OTE, the Postbank, the Athens and Thessaloniki ports, and the Thessaloniki water company in order to frontload its ambitious privatization program." The government announced the establishment of a sovereign wealth fund that will act as a holding company for the state's assets and real estate holdings, and reaffirmed its commitment to meet its 2011 deficit target of 7.5% of GDP.The Greek cabinet is also reportedly considering further cuts in pay for state workers and more layoffs, in an effort to increase 2011 budget cuts to over $6 billion Euros.