GREECE FINED OVER OLYMPIC AIRWAYS ILLEGAL AID
August 1st, 2009
BY KEITH NUTHALL
THE GREEK government has been fined Euro 2 million for failing to recoup Euro 24.84 million in state aid it had illegally granted to Olympic Airways (now Olympic Air). Athens will also have to pay another Euro 16,000 every day from August 7 until the subsidy is repaid. As onerous as this sounds - this could have been worse - the European Commission wanted a fine exceeding Euro 16 million, plus further daily fines. Brussels had in 2002 ordered Greece to recover this subsidy, which it deemed broke European Union state aid rules designed to prevent ...
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