Press Release: Commission launches formal investigation into new State aid by Greece to Olympic Airways Services and Olympic Airlines

The European Commission has decided to launch a formal investigation into a number of financial flows and transfers which may amount to State aid to Olympic Airways Services SA and Olympic Airlines SA. The investigated aid payments are believed to have been made to both companies after the period covered by the Commission's negative decision of September 2005 finding that Olympic Airways/Airlines had received illegal and incompatible State aid. The Commission has also enjoined Greece to provide information relevant to its investigation.