Press Release: Free movement of capital: Commission contests Greek Decree stipulating a 5% voting cap in electricity company PPC

The European Commission sent Greece a formal request with regard to Presidential Decree 333/2000 which limits voting rights of PPC's (Public Power Corporation) non-state shareholders to 5%. The infringement procedure was initiated by a letter of formal notice in April 2008. Having analysed the Greek government's reply, the Commission considers that the restrictions represent unjustified obstacles to EC Treaty rules on free movement of capital. The Commission's request took the form of a 'reasoned opinion', the second stage of infringement procedures under Article 226 of the EC Treaty. If there is no satisfactory reply within two months, the Commission may decide to refer the case to the European Court of Justice.

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