Olympic Airways to be Rescued?

[admin]

Greece said on Friday a rescue of its ailing Olympic Airlines was unlikely but the state company could shut down and reopen debt-free. "Our first aim is to rescue the airline exactly as it is but this is not the most likely scenario," Transport Minister Kostis Hatzidakis told parliament. "A new company can be created, along the lines of Israel's El Al, which closed down one day and opened the next, debt-free."

Olympic lost its commanding domestic position in 2006 to its main competitor Aegean Airlines, which won a 51 percent market share due to an aggressive expansion, more routes, newer planes and better services.
Hatzidakis said"We want to avoid a vacuum, we want a different, healthy airline".

[Macedonian]

Big airlines around the world have dropped like flies for years. Sad they are diving, but I do know, through a very pleasant experience, that Greece's smaller airlines are doing great.