Until 31-12-1992 Olympic Airways displayed accounting deficits of 275 billion drachmas.
The then New Democracy government submitted a restructuring plan to the EU in 1993. This program was rejected as inadequate. The revised program submitted by the elected PASOK government in May 1994 was approved.
The referral of both aforementioned restructuring programs of Olympic Airways to the EU for approval was based on the assumption that state aid was required for the restructuring of Olympic Airways, which was explicitly prohibited by EU aviation policy.
However, a study, commissioned by the management of Olympic Airways to the Department of Economic Studies in May 1994 (Dr. Ioannis Lainos), in response to a request from EU Transport Commissioner A. Matutes, proved that the state - shareholder:
a) from its nationalization, burdened Olympic Airways' finances with the cost of implementing government policies.
b) did not pay the cost it created for Olympic Airways,
c) the appointed administrations by the shareholder did not record these debts in Olympic Airways' books.
As stated by the government in the restructuring program submitted to the EU in May 1994, these burdens amounted to approximately three times the accounting deficits of Olympic Airways.
Therefore, there was no economic reason for the EU to approve the restructuring program of Olympic Airways.
Unfortunately, the state shareholder continued to burden Olympic Airways' finances with amounts that exceeded 1.2 trillion drachmas or 3.5 billion euros in 2002.
The book also includes approaches to other issues of Greek and international aviation interest.