The European Commission has given Greece the green
light to start the privatization process for Greek railway service operator
Trainose.
In a letter sent to the Transport Ministry, Commission
Vice President Joaquin Almunia, informed Minister Michalis Chrysochoidis that
the restructuring of the train operator, which started in 2010, as well as its
forthcoming privatization will relieve the company of the burden that the issue
of state subsidies has brought on it.
The state subsidies, which Almunia referred to, mostly
concern the debts of about 750 million euros that Trainose has accumulated
since 2007 when it was split from the other companies of the Hellenic Railways
Organization (OSE) group. Those debts have been absorbed by the state. Trainose
has also undertaken the subsidized routes for five years without a tender, with
an annual subsidy totaling 50 million euros.
Almunia also said that the reorganization and the
sell-off of the company will secure its survival and development, reinstate
Greek railways within European competition and bring benefits to the company as
well as to the passenger and cargo clientele
.
The privatization process is set to begin officially
in the coming days.
Source: ekathimerini.com
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