Greece to sell four Airbus jets for $40 million

Greece will sell four Airbus A340-300 passenger jets that belonged to former state carrier Olympic Airways which is now privatized, as part of divestments to pay down public debt, the finance ministry said on Sunday.

The aircraft will be sold to Apollo Aviation Group, the highest bidder in a tender, for $40.4 million based on a decision by incoming Finance Minister Yannis Stournaras.

Olympic Airways had been providing basic maintenance on the aircraft since September 2009. The state carrier was privatized in October 2009 and renamed Olympic Air.

Greece’s new government vowed to carry out reforms and privatizations on Saturday in a bid to reassure international lenders whose funding is keeping the country afloat. [Reuters]

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