ECONOMY

OA sale will bring state 150 mln euros per year

The privatization of state-owned Olympic Airlines (OA) will strengthen state coffers by 150 million euros annually while also closing a massive hole in public finances, Prime Minister Costas Karamanlis said yesterday. «In recent years Olympic has been running up losses of between 350 and 400 million euros annually,» said Karamanlis yesterday. «It is estimated that the new Olympic will generate state revenue of 150 million euros per year,» he added. Greece split the flag carrier into three units in September and launched a tender to privatize them, in a procedure that attracted strong interest. Thirteen investors have expressed interest in buying the flight operations of the state-run group.