E.U. Targets Greek Airline Over State Aid

Law360, New York (April 4, 2006, 12:00 AM EDT) -- The European Commission issued another warning to Greece on Tuesday, threatening hefty fines if the country did not recover the €161 million ($196 million) in illegal state aid granted to Olympic Airways from 1998 to 2002.

Greece was given two months to respond.

The move is the latest chapter in the ongoing skirmish between the European Commission and Greece over the airline, which had been struggling for years despite enormous subsidies from Athens.

Olympic Airways was granted restructuring aid by the Commission in 1998 in an...
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