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Olympic Airlines loss widens

11 December 2006

Greece’s ailing state carrier Olympic Airlines, posted a net loss of EUR123.7 million (USD$163.4 million) for 2005, based on financial statements published in Greek newspapers.

The European Commission is in a legal battle with Greece over subsidizing the loss-making carrier in the past. In October it asked the EU’s top court to impose daily fines of more than 10,000 euros on Athens until it recovers the cash.

The Commission’s move refers to about EUR160 million (USD$211.4 million) in state aid given to the airline from 1995 to 2002.

source: Airwise

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