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Athens News Agency: News in English, 05-09-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] EU Commission rules state aid extended to Olympic Airways illegal

  • [01] EU Commission rules state aid extended to Olympic Airways illegal

    The European Commission on Wednesday ruled that Greece's ailing national carrier Olympic Airlines (formerly Olympic Airways) must return tens of millions of euros to the State, opining that a number of measures taken by the Greek state since December 2002, including state financial aid, were illegal as they gave OA an unfair advantage over competitors. This decision closes an investigation, which started on 16 March 2004, into the state aid granted to OA since December 2002, when OA was ordered to repay 160 million euros to the Greek state for aid granted to the airline between 1994-2000.

    The Commission, in its long-awaiting decision said that between 1994 and 2000 the EU's executive took a number of decisions authorising public aid for the restructuring of Olympic Airways. In December 2002, however, the Commission found that further aid had been granted to the airline which was incompatible with the common market, and demanded that 160 million euros be repaid.

    That aid has still not been repaid.

    The exact amount to be recovered by the Greek state will be defined during the execution of today's decision.

    Meanwhile, OA employees staged a protest demonstration at Athens' Eleftherios Venizelos international airport on Wednesday.


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