For the first time since the founding of Hellenic Railways Organization (OSE) in 1920, the company is left without trains and is limited to being a simple network administrator.
According to Greek news, in 2010, the representative of the International Monetary Fund (IMF), Poul Thomsen had demanded that the Greek government permanently close OSE, due to accumulated debts amounting to 10 billion euros, which represents nearly 4% of the country’s GDP.
However, the European Commission understood that it was not possible to stop the operation of OSE. Therefore, the Commission demanded the modification of the organization so that it has no commercial activity and only operates as a network administrator.
The Greek Minister of Infrastructure, Michalis Chrysohoidis and the Finance Minister, Yannis Stournaras, published their decision in the government newspaper. This development was a prerequisite for the disbursement of the following installment.
According to the Ministry of Infrastructure, if TRAINOSE does not find a buyer, it is likely to close, as the European Commission will require that TRAINOSE repays the state the amount of 800 million euros which it had received as aid.
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