Olympic Airlines Privatization

Olympic Airlines is a Greek airline, currently undergoing privatization.
On March 6th, 2009, the Greek State announced it had reached an agreement to sell the Flight Operations and Technical Base of the Olympic Group to Marfin Investment Group, the largest Greek investment fund, thus ending a 35-year period of state ownership.,
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This is a long awaited development given the status of Olympic Airlines services. According to the skytrax website, it is given 2 stars for service quality, which is thus classified as poor. (A North Korean airline is the single case awarded 1 star.)
The Olympic Airlines case has been the par excellence case of company mismanagement after nationalization by the Greek state. After nationalization in 1974.org/wiki/Nationalization#Greece, a profitable company has been turned into a loss-making illegally subsidized disaster.
As of March 15, 2009, Olympic is losing 1 million euros per day . Furthermore, the Greek government has given Olympic 700 million euros in state aid, declared illegal by the European Commission in December 2005.

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