Debt-Crushed Greek Electric Utility Could Be Lights Out

June 21, 2019

ATHENS – Greece’s electric utility the Public Power Corporation is on the verge of collapse and needs 300 million euros ($339.21 million) to avoid clauses kicking in that would call in loans that are due.

With the ruling Radical Left SYRIZA having been lenient in letting people have big discounts and not getting their power turned off, PPC’s situation has worsened, especially after the company and Energy Minister Giorgos Stathakis ignored recommendations from the McKinsey consulting company to streamline operations, said Kathimerini.

At a recent meeting Chief Financial Officer Alexandra Konida informed PPC’s management about the negative financial results in the year’s first quarter, doubting whether obligations could be met to suppliers, contractors and market entities after  August, the paper said.

Konida reportedly said unless the company’s finances improve that it would need at least 600 million euros ($678.42 million) in the second quarter to keep going, with no word on what would happen otherwise.

PPC in 2018 lost 903.8 million euros ($1.021 billion) and the situation got worse in the first quarter that showed losses of 254 million euros ($287.2 million) and negative earnings before interest, tax, depreciation and amortization (EBITDA) of 80 million euros ($90.46 million) the report added.

With July 7 snap elections little more than two weeks away, PPC’s management was said to be scrambling to find ways to improve the sinking revenue picture to stave off having to make immediate loan payments to banks and take care of suppliers, who otherwise could also force an immediate call on the notes.


ATHENS – Internationally acclaimed and widely translated Greek author Vassilis Vassilikos, a former MP and Ambassador of Greece to UNESCO, died on Thursday at the age of 90.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.


Echoes of Asia Minor: Life, Catastrophe and Resilience Opens at Consulate in NYC

NEW YORK – Consul General of Greece in New York Dinos Konstantinou in collaboration with the Greek Orthodox Archdiocese of America hosted the opening reception of the moving exhibition Echoes of Asia Minor: Life, Catastrophe and Resilience on November 29 at the Consulate General of Greece in New York.

NEW YORK – The Hellenic Film Society USA presents Maria by Callas, the acclaimed documentary that tells the life story of the legendary Greek-American opera singer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.