Olympic Airlines set to go into private hands

THE Greek government has reached a preliminary agreement to sell Olympic Airlines, the country’s unprofitable national carrier.

On the recommendation of sale advisers, a ministerial committee “approved a memorandum of basic positions between the Greek state and the York Capital/Olympic Investors group,” said the Economy and Finance ministry.

The memorandum’s signature “opens the way” for the company’s sale, which “continues to depend on European Union decisions”, the statement said, without giving further details.