Olympic Airlines, the state owned airline of Greece is likely to close down next year.
On 22nd November Ryanair lodged a case with the European Court of First Instance against the “EC’s failure to act on Ryanair’s complaint about €500m of illegal state aid” from the Greek government to the airline.
On December 01, 2007, transport minister Kostas Hatzidakis announced that Olympic’s debts amounts to €2 billion, and that the airline in its present form and size will cease to exist in 2008.
It seems likely that the airline will close in order to avoid the Government paying fines or the airline repaying money. A “new” airline will probably be formed immediately after with the same staff and fleet. It will most likely even hold the same name and logo.
