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Tue, Sep 09, 2003

Olympic Airways to Become Olympic Airlines

It's a Whole New Thing, as Another Government 'Gets Out' of Air Transport Business

Last week, the Greek Parliament decided to get out of the airline business. Olympic Airways' union leaders are not happy.

With a sick-out last Thursday (that continued into Friday (canceling two flights), leading to a long weekend for many workers), the union made it clear that it prefers working for the government (which has no profit motive and is instead motivated by the union's votes) to working for capitalist management, which favors efficiency.

Just when the government will divest itself is still unknown; but officials quoted in the local press said that it's a clear goal to have the airline in private hands before the Olympics come to Athens -- and that's next Summer.

The government wants to make 'privatization' as easy aspossible, while still maintaining effective control. When Olympic Airlines (the privatized version) is officially organized, expect the government to hold onto 49% -- thus remaining the largest single shareholder, and ramaining in effective control.

FMI: www.olympic-airways.gr

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