Law360, New York (July 7, 2009, 12:00 AM EDT) -- The European Union's highest court handed the European Commission a victory Tuesday in its latest battle with Greece over €161 million ($196 million) in allegedly illegal state aid to Olympic Airways, hitting the country with €2 million ($2.8 million) in fines for failing to comply with an earlier order to recover the funds.
The European Court of Justice also imposed a daily fine of €16,000 ($22,342) on Greece starting a month after the decision.
Greece has been trying for years to make Olympic Airways economically viable,...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.