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Commission: Greece agrees to cease aid, recover subsidies from Hellenic Shipyards

Δημοσίευση 2 Δεκεμβρίου 2010, 10:24 / Ανανεώθηκε 27 Ιουνίου 2013, 14:55
Commission: Greece agrees to cease aid, recover subsidies from Hellenic Shipyards
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The European Commission on Wednesday announced that it has formally accepted commitments proposed by Athens to comply with a 2008 Commission decision, while requesting that Greece cease offering various guarantees and, more importantly, recover illegal subsidies granted in favour of civilian activities at the Hellenic Shipyards (HSY).

The European Commission on Wednesday announced that it has formally accepted commitments proposed by Athens to comply with a 2008 Commission decision, while requesting that Greece cease offering various guarantees and, more importantly, recover illegal subsidies granted in favour of civilian activities at the Hellenic Shipyards (HSY).

According to a Commission press release here, HSY produces mostly naval vessels, noting that the Greek government was concerned that the recovery might endanger those activities, considering them essential for its national interest. The Commission said Greece proposed to stop various guarantees granted to HSY and that HSY will repay part of the aid through the sale of its non-naval assets.

It also proposed to compensate the absence of full recovery through a 15-year ban on the civilian activities of HSY. This, according to the Commission, will address the repeated distortions of competition in the past in a sector still affected by overcapacity while having no direct consequence on jobs.