State supports corporations with huge accumulated losses and debts

In a country that has been in crisis for almost a decade, with companies and households suffering from overtaxation, the state has been supporting eight major public corporations with accumulated losses of 12 billion euros, obligations of 17 billion euros, share capital of 11 billion and annual revenues of just 942 million euros. All eight are about to be transferred to the privatizations hyperfund.

The eight corporations employ some 20,000 workers and are the most counterproductive companies in the public sector, given that their annual expenditure of 1.36 billion euros is 45 percent higher than their revenues. They are Hellenic Railways Organization (OSE), Hellenic Defense Systems (EAS), Athens Urban Transport Organization (OASA), Hellenic Vehicle Industry (ELVO), Hellenic Aerospace Industry (EAB), Hellenic Post (ELTA), Buildings Infrastructure, and the Larco mining company...