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EU says Greece must apply court decision on Olympic Airlines aid ‘quickly’

5 October 2006

The European Commission said Greece must apply ‘quickly’ a ruling made by the EU’s highest court that the government recover aid illegally paid out to flag carrier Olympic Airlines ‘quickly’ or face further court action.

The 161M? of illegal aid given to Olympic since December 2002 comprised 41M? of restructuring aid and another 120 M? of operational aid, including granting the company exemption from payment of various sums the company owed to the Greek state such as VAT on fuel and airport charges.

source: Forbes

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