Wednesday September 17, 2014 Search
Weather | Athens
27o C
20o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece's OPAP offers voluntary redundancy scheme

Greece's betting monopoly OPAP has begun a voluntary redundancy scheme for about three-quarters of its staff to cut costs, one of its biggest unions said on Thursday.

OPAP, one of Europe's largest betting companies, declined to say whether it was offering the scheme, which will mainly affect its retail network supporting services, according to a document outlining the program seen by Reuters.

Greece sold a majority stake in OPAP to Czech-Greek fund Emma Delta last year, marking the country's first major privatization under its European Union/International Monetary Fund bailout.

The voluntary redundancy program will run from June 30 to July 15 for about 656 people, union leader Christos Kakouratos told Reuters. OPAP's staff totals about 900 people.

Since taking over in October, the new management has said it will go ahead with plans to launch a video lotto business in the country as well as to cut distribution and staff costs.

OPAP, which offers sports betting and lotteries through about 5,000 agents in Greece and Cyprus, had revenues of 3.7 billion euros ($5.05 billion) last year. Staff costs accounted for about 1.5 percent of that amount. [Reuters]

ekathimerini.com , Thursday Jul 3, 2014 (15:31)  
Bourse index rises on anniversary of all-time high
Pimco bought $727 mln of Greek debt in Q2
Aegeans Vassilakis says Cyprus air sale could mean lower fees
Production of the new Pony to start by the end of the year, NAMCO says
PM hopes for boost from Merkel meeting next week
Prime Minister Antonis Samaras will travel to Berlin on Tuesday, almost 10 months to the day since he was last in the German capital, for one of the most crucial meetings of his premiership ...
Watchdog says VIPs protected from probes
The head of the countrys public administration watchdog, Leandros Rakintzis, on Wednesday claimed in a speech before Parliaments ethics and transparency committee that prominent public fig...
Inside News
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
SOCCER
Mitroglou rediscovers scoring touch after Fulham let-down
Costas Mitroglou banished the memories of his disappointing spell in England after breaking a 10-month goal drought as Olympiakos Piraeus secured a thrilling 3-2 Champions League win over At...
Inside Sports
COMMENTARY
Loud patriotism
I admit that whenever politicians drag religious faith and worn-out patriotism into discussions I button up. I feel the same way when I see bishops blatantly getting involved in politics. To...
EDITORIAL
In need of a second wind
Greek Prime Minister Antonis Samaras and a few of his ministers have gone to great lengths to see Greece regain credibility in the eyes of its partners. Given that the state mechanism is not...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. PM hopes for boost from Merkel meeting next week
2. Bourse index rises on anniversary of all-time high
3. Watchdog says VIPs protected from probes
4. Pimco bought $727 mln of Greek debt in Q2
5. MPs vote not to probe NERIT resignations
6. Two soccer fans remanded over violent attack on Crete
more news
Today
This Week
1. SYRIZA victory would spark a bank run, PM reportedly warns
2. Loud patriotism
3. Davutoglu calls for a two-state solution in Cyprus
4. Production of the new Pony to start by the end of the year, NAMCO says
5. In need of a second wind
6. Tsipras to meet with Pope Francis on Thursday
Today
This Week
1. Greece on standby
2. A Greek God
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. Greece at bottom of social justice scale among EU28
6. EU bank tests may miss trillion dollar risk, study finds
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.