Greece received (18-May-2010) a EUR14.5 billion loan from the European Commission via the European Central Bank (ECB) under its three-year economic and financial policy programme. The loan is comprised of contributions from 10 European countries. Combined with the EUR5.5 billion received from the International Monetary Fund earlier this week, this makes up the first tranche of the EUR110 billion support package Greece has agreed to with its European partners, the ECB and the IMF. These disbursements cover the immediate and short-term financing needs of the Hellenic Republic. [more - Greek Finance Ministry] [more - European Commission]
Greece given EUR14.5bn EC loan
You may also be interested in the following articles...
Aegean Airlines cuts capacity for first time since Olympic Air acquisition; 2016 margin falls
In 2017 the Aegean Airlines Group will make its first cut in seat capacity and fleet numbers since 2012. This follows three years of rapid expansion by the group since its Olympic Air acquisition in 2013. Olympic's all turboprop fleet focuses on the domestic market but also helps to feed Aegean's international network, particularly through its Athens hub. Cuts will focus on the domestic market.
Aegean will also make an important longer term fleet decision in 2017, or early 2018. The majority of its aircraft leases will need to be replaced between 2019 and 2023, and it is weighing the options. Aegean currently operates Airbus narrowbodies, but will consider the Boeing 737MAX in addition to the A320neo family.
Aegean's last capacity cut was in 2012, the end of a four year period of losses when Greece was in a deep multi year recession. Since then it has made healthy profits, but while profitable its operating margin fell in 2016 for the second successive year. Greece has experienced rapid capacity growth from LCCs, led by Ryanair. A decline in Aegean's unit revenue over three years has now prompted a pause for what its Executive Vice Chairman has called "consolidation and readjustment".
Europe Fleet Outlook
Europe Fleet Outlook: Long haul strategies account for much narrowbody and widebody newgen fleet orders.