Olympic Air admits it may 'possibly' be in trouble
Olympic Air CEO Thanos Pascalis stated the carrier may “possibly” be in trouble, due to Greece’s economic issues (ABTN, 30-Nov-2010). The CEO stated passenger numbers for the carrier are down, with competition also a problem on key routes. Mr Thanos stated the only way for Olympic to survive will be through its proposed merger with Aegean Airlines, which is still being investigated by the European Union. The EU is expected to give its decision on 12-Jan-2010.
Olympic Air: “Having two full-service airlines in Greece is not sustainable. The only solution is consolidation. We want to create a viable leading airline in Greece,” Thanos Pascalis, CEO. Source: ABTN, 30-Nov-2010.