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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 161Mâ?¬ of illegal aid given to Olympic since December 2002 comprised 41Mâ?¬ of restructuring aid and another 120 Mâ?¬ 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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