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New Olympic Air Carrier Before Summer

Transport Minister Michael Liapis told reporters last month that he would soon appoint a board of directors for the proposed new Olympic Airways company, which he expects to start flying this spring (press reports say September at the earliest).

Olympic to Continue Flying Throughout Summer

Government officials last month promised to keep Olympic Airways flying over the summer, despite a fresh European Union warning over illegal aid. They also insisted that there were groups who were interested in purchasing the airline.

Tender Called for Galileo Hellas Sale

Government and its consultant firm, Lazard, along with three banks (National, Emboriki, Alpha), published a call for tenders last month in foreign financial papers for the sale of Olympic Airlines' subsidiary company Galileo Hellas.

Government Expands Ties with Asia

Boosting tourism and trade with Asia was a key theme last month, with the government signing agreements with South Korea and Thailand. Progress also was made on direct flights to Beijing.

Arab-Hellenic Forum Venue for Tourism

Greece is aiming to be one of the top five tourism destinations, said Tourism Minister Fani Palli-Petralia, at the first forum organized by the Arab-Hellenic Chamber of Commerce & Development. The minister added that "this is an achievable goal since the country is ranked...

Yet Another New Olympic Airline

A new company is to be launched early next year to replace Olympic Airlines, according to a recent government announcement. This follows the state's latest failed attempt to find a buyer for the country's ailing flag carrier. In mid November, government officially declared that...

Draft Bill Gives OA Six-month Reprieve

The government drafted a bill last month that protects Olympic Airlines (OA) from its creditors and thus guarantees the airline's smooth operation for at least another six months. The draft amendment bars current or future creditors from taking any action against OA until the end...

World Tourism Day Celebrated Quietly

Celebration of World Tourism Day came and went in late September with little fanfare. Greece's tourism minister welcomed some dignitaries at Cape Sounio and local professional organizations made some announcements. The Institute for Tourism Research and Forecasts, for example,...

Galileo Signs Agreement With Galileo Hellas

Galileo, a leading global distribution system (GDS) and subsidiary of Travelport, renewed its long-term distribution agreement with Galileo Hellas, the government-owned travel distribution company, to distribute Galileo GDS to the Greek and Cypriot markets.

Olympic Sale Still In the Air

Olympic Airlines, with a share capital of 130 million euros, has chalked up 107 million euros in losses since its setup as a new debt-free airline just a little better than a year and half ago.

Olympic Airlines’ Bids at 30 Million Euros

From the five bids government has received in an international sale tender for a majority stake in national carrier Olympic Airlines, it appears that government coffers will be lucky to get a cash settlement of about 30 million euros.

Five Bids for Olympic

The government has received five bids in an international sale tender for a majority stake in national carrier Olympic Airlines, according to a government announcement last month. The binding offers accompanied by letters of guarantee were from all groups that expressed interest...

A note by the publisher

The perpetual tale of Olympic Airways -- as of December 12, Olympic Airlines -- continues with no end in sight. Although the government says it has selected one of five potential bidders for further talks on a takeover of Olympic Airlines, the slimmed-down successor to heavily...

Olympic Airlines Takes Over Olympic Airways’ Traffic

Greece's national carrier, Olympic Airways, was officially transformed on December 12 into a slimmer, debt-free carrier under the name Olympic Airlines. After 28 years of public ownership, government now hopes to sell at least 51% of the "new" carrier to private investors....

Olympic Airlines Saga Ends This Month

Sometime this month, says the government, we will see the completion of the competition called by the previous government for the privatization of Olympic Airlines. Until then, there will be no changes in the airline's management, said Mihalis Liapis, Greece's transportation and...

Hellas Jet Gets Operator’s License

Cyprus Airways subsidiary, Hellas Jet, picked up an air operator's license for Greece but is still waiting on a commercial license. Although the airline had hoped to begin flights on June 23, as we go to press there has been no further announcements as to when flights will begin.

Hellas Jet Up and Away Complete with Aegean Cooperation

When Cyprus Airways failed in its efforts to take over Olympic Airways back in 2001, it decided on a counter move and launched its own Athens-based carrier, Hellas Jet, which got off the ground on June 24. The new carrier hopes to undercut Olympic by 15 percent, says the...

Olympic Saga to Finish This Fall

One way or another, the government here says a permanent solution to long-lasting problems with state-owned Olympic Airways will be found and implemented before this winter rolls in. So far, according to a business plan leaked to Greek media, a new company, to be named New...

HATTA Wins Ruling on Commission Fees

Greece's Competition Commission fined Greece's two biggest airlines, Olympic and Aegean, a total of 210,000 euros for complicity in reducing the commission paid to travel agents, from 9.25 percent to 6.94 percent, on tickets for domestic flights.

Olympic-Gulf Air Agreement for Athens-Sydney

Flights to Australia from Greece are to start again from November 23, nearly a year after they were suspended, thanks to a deal between Olympic Airways and Gulf Air, the managing directors of the two carriers announced in early September.