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Olympic privatisation accelerated

An invitation for expressions of interest in a stake in Greek state carrier Olympic<.> Airways will be published in the foreign press by…

An invitation for expressions of interest in a stake in Greek state carrier Olympic<.> Airways will be published in the foreign press by December 15, the Greek government has announced.

By the end of the year, the government will have decided on the size of the stake, the national economy ministry stated. The latter ministry and the transport ministry decided last week to speed up the process of privatising the ailing carrier. They also decided to offer initiatives for early retirement and transfers in order to reduce the size of OA`s staff, one of the airline`s biggest problems.



The government would like to see the airline divided into two sections with one company pursuing a return to profitability and the other working to meet its massive debts. Under EU law, the Greek state cannot subsidise loss-making enterprises.

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