x

Economy

Greece to Support Aegean Airlines with 120 Million Euros

November 23, 2020

ATHENS — "In a comprehensive plan, based on the equitable sharing of burdens between the state and private shareholders, the government will support Aegean, the largest air carrier in our country, which is impacted by the effects of the pandemic on social and economic activity and in particular travel and tourism," government spokesperson Stelios Petsas said on Monday.

"The state support plan of the airline sets as an integral part the capital increase of Aegean with the participation of its shareholders. It is already being evaluated to ensure formal approval by the competent authorities of the European Commission. It is noted that the decision of the government is compatible with the European framework of state aid to companies and sectors affected by the pandemic, such as the aviation sector," he added.

He pointed out that "this is essentially a plan to strengthen the largest domestic airline, which resembles cases of state support of other major European airlines with the contribution of the state, but at the same time ensures the significant participation of private funds. At the same time, the Greek State will receive special options, in the form of warrants, for the purchase of shares in the company, which it will be entitled to exercise under specific conditions and for a certain period of time."

As he said, the total amount of state support is expected to reach 120 million euros, an amount much lower than the support, worth more than 32 billion euros, which other European aviation companies have received or are about to receive. In addition, private participation is foreseen to be equal to half that of the state aid, ie 60 million euros as opposed to the 120 million euros from the state, which will come from the shareholders of Aegean.

In the first phase of the pandemic, the company took advantage of the horizontal measures adopted by the government for all sectors of the economy and the support of the world of employment.

Petsas also referred to Prime Minister Kyriakos Mitsotakis' programme and specifically his participation in a teleconference to be held at 17:30 for the presentation of the Development Plan for the Greek Economy, by the Pissaridis Committee.

RELATED

BRUSSELS  - The price of olive oil in the European Union was up 50% in January 2024 compared to January 2023, Eurostat said on Tuesday, with Greece being one of three countries with the highest increase.

Top Stories

Columnists

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

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

By Defining Sex, Some States Are Denying Transgender People Legal Recognition

TOPEKA, Kan. (AP) — Mack Allen, an 18-year-old high school senior from Kansas, braces for sideways glances, questioning looks and snide comments whenever he has to hand over his driver's license, which still identifies him as female.

HEMPSTEAD, NY – The Maids of Athena District 6 Lodge held their first ever mid-year conference on February 24 at St.

STAMFORD, CONNECTICUT - Is Michelle Troconis a murderous conspirator who wanted her boyfriend's estranged wife dead and helped him cover up her killing? Or was she an innocent bystander who unwittingly became ensnared in one of Connecticut's most enduring missing person and alleged homicide cases? A state jury heard two different tales of the 49-year-old Troconis as the prosecution and defense made their closing arguments Tuesday in Stamford.

LONDON — Kensington Palace says Britain's Prince William has pulled out of attending a memorial service for his godfather, the late King Constantine of Greece, because of a personal matter.

MONTREAL/NEW YORK – The Maids of Athena (MOA) District 6 (New York) and District 23 (Eastern Canada) Lodges held their first ever inter-district Zoom fundraising event on February 20.

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.