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Change of heart over OA

The Greek government has indicated it would relinquish control of ailing state carrier Olympic Airways<.> after interested investors said they were only willing to purchase a majority stake…

The Greek government has indicated it would relinquish control of ailing state carrier Olympic Airways<.> after interested investors said they were only willing to purchase a majority stake, the Athens News Agency has reported.

The initial plan was for the government to sell off a minority stake in OA<.> while retaining control and management of the airline.

Transport Minister Christos Verelis reportedly briefed PM Costas Simitis on the matter last Wednesday. The change of plan was apparently proposed by Price Waterhouse Coopers, which is advising the government.

Verelis is reportedly seeking the establishment of two companies, one that will be responsible for dealing with OA`s debts, which are estimated at around 40 billion drachmas, and a second which will operate the airline.

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