Pantheon project for OA is close to EU approval
BRUSSELS – The government’s plan for the rebirth of Olympic Airlines through the «Pantheon» project could get the approval of the European Commission as early as tomorrow. The project awaiting the Commission’s approval envisages a scaling down of the size and schedule of the company by at least one-third to make it more viable. All staff will be sacked with only those essential to Pantheon being rehired for the new schedule, and with special provisions for the others. Pantheon will retain only the most valuable assets of Olympic, i.e. the name and logo, as well as its slots at foreign airports. If the plan is implemented in full, the fines imposed by the Commission for irregular state subsidizing will practically be a dead letter, except for the fine the state will likely have to pay to Brussels for not complying with its decisions.
