OLYMPIC AIRWAYS - THE AIRLINE FOUNDED BY ARISTOTLE ONASSIS, will be BORN AGAIN or WILL DIE.
www.Apodimos.com
Existed diachronic efforts functions rightly Olympic, but after the transformation Olympic from Private the Onassis company, in public service existed a lot of problems. The Loans of Olympic was big with result the economic weights what it had undertaken they were big and could not him it pays. And all the Greek emigrants believe that has Olympic to Born again or will Die.
The Greek national air carrier finally can close maintaining and only the name that gave it the big Greek emigrant Aristotle Onassis maybe exists. Olympic was the company that all the Greek emigrant used, despite the lot of problems that were presented in their service and the only that make satisfaction them, it was make when it flew with by Olympic, felt all stepped in the Greek territory.
Finally sometimes everything change thus changed hands Olympic however cannot that all are lost because that the diachronic economic wastefulness managing influenced the viability of this Greek company. This Olympic company henceforth shrank from Olympic the 5 Continents, in Olympic of ….. Continents and henceforth us it interests, exists only her name and problem of the places of work of workers in this company because unemployment is big.
However somebody should pay the broken decisions and this of diachronic economic wastefulness managing, which led this company in over loaning with theirs decisions.
We as Apodimos.com wish to find a Greek investor or companies Greek investors so also the dream and the then effort of Onassis do not extinguish also the Greek workers in Olympic to lose the bread of their families, as declared the Greek government.
And the decision of court ruling by the European Court of Justice now is to pay the money witch that Olympic take from the E.E. and the question is who pay the ferryman? Those that should not pay the over loaning is the Greek citizen through the decision of European court that asks from Olympic to her to attribute immediately this money that gave the E.E. as support program of Olympic for her cleansing.
The efforts of Greek government are big, with a view to be maintained Olympic live and at least with the right movements it is given birth again maintaining her name as Olympic and the work of workers there. And the portal of Apodimos.com has the same opinion.
The only thing we will make as Apodimos.com is to inform our Greek emigrant brothers, what wrote news.bbc.co.uk the season that Olympic began this support of her program for her cleansing because the over loaning.
Ø February, 2002,
Greece announces Olympic rescue plan
Thursday, 21 February, 2002, 16:38 GMT
The Greek airline may now cut loss making routes
Greece's debt-ridden state airline is to be split into separate units with the loss of about 2,000 jobs. The restructuring announcement is the government's latest effort to persuade investors to buy the airline and is seen as a last, desperate attempt to avoid bankruptcy. The push to privatise Olympic Airways fell apart at the weekend, prompting a promise from the government to restructure it.
Greek investors failed to come up with the cash and the post-11 September slump in air travel meant foreign investors stayed away too. Olympic looked to be on the brink of following Sabena and Swissair into collapse and becoming the third European airline to fail in six months.
More attractive package
Greece is still hoping for a cash injection of between 100m and 150m euros (£61-92m; $87-131m) for the airline. In order to create a more attractive-sized unit for potential buyers, flight activities will be split out from other departments such as repair, catering and ground handling.
The airline was founded by Aristotle Onassis
"Our target is a new Olympic...with a long-term viability prospect," Transport Minister Christos Verelis said. There will also be a review of the sustainability of unprofitable routes and existing work practices. The government has been desperately struggling to sell a majority stake in the airline in order to keep it afloat and avoid the embarrassment of not having a national airline.
Grace period
"We believe that there must be a viable, major national air carrier which will serve the needs of Greece, European countries and the region," Finance Minister Nikos Christodoulakis stressed again on Thursday. The airline now has two months to raise more funds and reshape itself before it is offered on the market again. The restructuring must also receive EU approval.
Olympic Airways is already being investigated by the European Commission for a potential breach of rules on state aid during the 1990s.
Ø December, 2002,
Olympic Airways bailout was «illegal»
Wednesday, 11 December, 2002, 11:33 GMT
Plans to sell Olympic could now be grounded
Olympic Airways has been ordered to pay back tens of millions of euros in Greek state aid after an investigation by the European Commission.
And a formal inquiry has begun into whether another airline, Ryanair, received illegal state aid from the authorities in Belgium.
The Commission ruled that Olympic Airways, the Greek flag carrier, must pay back state aid worth 194m euros (£124.4m; $195.6m).
The payouts to Olympic, which has been struggling financially, broke EU rules, said EU transport commissioner Loyola de Palacio.
Greek tax holidays
Ms de Palacio said the Commission was "guaranteeing to everyone on the European market that they can benefit from equal conditions...we are avoiding cheating".
The Greek government has already said it will appeal against the ruling, which it fears could derail its plans to privatise Olympic. Aviation analysts viewed Olympic as one of the most financially vulnerable national carriers, even before the September 11 terrorist attacks sent the travel industry into crisis.
The Commission has objected to 40m euros of payouts to Olympic, topped up by payment holidays on airport taxes and social security taxes.
Greece's efforts to sell a majority stake in Olympic foundered in July when the prospective buyers failed to meet a deadline to prove they were solvent.
Ryanair shrugs off inquiry
"Proceedings have been started simply because of certain doubts (that) emerged after certain complaints were submitted," said Ms de Palacio of the Ryanair inquiry.
Michael O'Leary: inquiry will have 'no impact'
The Commission began an investigation into Ryanair last December. This latest decision means there will now be a formal inquiry. Ryanair said it had nothing to hide and would welcome the inquiry, which would not harm its business. "Firstly it will have no impact on Ryanair, secondly we welcome it," chief executive Michael O'Leary said in an interview with Irish broadcaster RTE.
The investigation into Ryanair centres on its decision to set up a European hub at Charleroi in southern Belgium in 2001.
«No preferential deal»
Mr O'Leary has denied reports that Ryanair received discounts that amounted to subsidies. "The arrangements at Brussels Charleroi airport are competitive, non-discriminatory and available to all," said Mr O'Leary. Shares in Ryanair Holdings, the airline's parent firm, slid 5% on the London Stock Exchange within minutes of the Commission's decision.
The airline's business plan hinges on offering cheap flights within Europe, often to smaller airports.
The strategy has proved highly successful for Ryanair. Europe's second biggest budget airline reported a 71% jump in profits to 169m euros for the six months to 30 September 2002.
Ø April, 2003
EU to tackle Olympic Airways aid
Tuesday, 22 April, 2003, 11:04 GMT
Olympic will fight through the courts
The European Commission is expected to launch legal action against the Greek Government on Wednesday over alleged subsidies to national airline Olympic Airways.
The Commission has asked the Greek government to claim back 200m euros ($219m; £139m) from the carrier but so far it has failed to do so.
Athens has said it is willing to claim back 41m euros, granted to Olympic as part of an authorised aid scheme, but is under no obligation to claim back the rest. The carrier says the money it received from the Greek Government should not be classified as aid.
Disputed
The deputy chief executive of Olympic Airways, Costas Mavrikis, told the BBC's World Business Report that his company would fight the action. "The Greek State disputes that, we don't recognise that and we are going to exhaust all our legal means within the legal system," he said. "State-owned airlines in Europe, they haven't received any state aid for a number of years now."
Even if the company wished to give the money back it probably wouldn't be able to raise the cash as the airline is virtually broke.
Olympic regularly suffers from strikes by workers protesting against planned privatisation, and so far attempts at selling the company off have failed.
Ø August, 2003
Olympic Airways born again.
Friday, 29 August, 2003, 17:30 GMT
Olympic will fight through the courts
The Greek government has unveiled a restructuring package aimed at putting struggling state-owned carrier Olympic Airways on a firmer financial footing.
Under the plan, the carrier would be relaunched with a slimmed-down workforce under the name Olympic Airlines, while its outstanding debts would be paid off with the proceeds of a partial privatisation.
The overhaul strategy, which will be put to the vote in the Greek parliament next week, is intended to re-vamp the troubled carrier in time for next year's Olympic Games in Athens.
"A bold step for the new era of Olympic was taken today," said Greek transport minister Christos Verelis. "The government is setting up a modern, efficient carrier."
Money troubles
Olympic Airways, which has built up debts of about half a billion euros, was seen as Europe's most vulnerable airline even before the slump in global passenger numbers triggered by the 11 September attacks.
Two previous attempts at privatising the carrier have fallen through in the past two years after key bidders pulled out.
The Greek government is hoping that the firm's reduced employee headcount, which will cut labour costs by about 45%, will help potential buyers keep their nerve this time.
The necessary job cuts will be achieved partly by outsourcing Olympic's baggage handling and maintenance operations, leaving the airline to focus exclusively on flying.
The government said three Greek banks had started talks with potential buyers over plans to sell off 51% of the airline.
Ø April 2006
Athens told to get Olympic cash
The EU was not impressed by Olympic's slight name change
Brussels has again warned Greece to recover 161m euros ($196m; £112m) in illegal state aid granted to Olympic Airways from 1998 to 2002.
The European Commission said on Tuesday that the Greek government could face large fines if it did not comply within two months.
It follows an earlier court ruling by the European Court of Justice.
The Commission is still waiting for Olympic to return the 540m euros of state aid it has received since 2002.
Privatisation plans
Athens was found to have given Olympic an unfair advantage over its competitors through the payment of illegal state aid. The Greek flag-carrier has been struggling for years despite receiving regular subsidies from Athens.
Two years ago, its name was changed from Olympic Airways to Olympic Airlines under a rescue plan.
The European Commission refused to accept the Greek view that Olympic Airlines was a separate entity, saying that it was a successor company to Olympic Airways.
The Greek government aims to privatise Olympic by the autumn.
It has made two previous attempts to privatise the carrier, but these failed after key bidders pulled out.
