By F. Zois
A re-examining by the EU Commission of the case concerning state subsidies to Greece’s rail operator, extending into the hundreds of millions of euros, is the latest obstacle in front of the memorandum-mandated privatization of Trainose and its rolling stock maintenance affiliate.
The re-opening of a probe by the Commission’s competition directorate comes in the wake of recent contacts in Brussels by Trainose representatives, officials from Greece’s privatization fund (HRADF or TAIPED) and executives of Ferrovie dello Stato Italiane, the rail operator that won an international tender to purchase the shares and management of Trainose.
The current and possibly future owners of Trainose attempted to lobby for a final Commission decision to write-off the Hellenic Railways Organization’s (OSE) more than 700-million-euro debt.
The negative development reportedly caused a sudden mobilization on the part of the Greek transport ministry’s leadership, given that the overall debts accumulated by state-run rail companies in Greece, over decades, reaches eight billion euros — a figure that the Greek side considered as written-off with the privatization of Trainose and other affiliated rail entities.
The Commission’s DG Comp directorate has already sent Greek authorities the documentation of with which OSE received previous bank lending — primarily bond loans worth eight billion euros — until the end of 2011. The specific borrowing was achieved with guarantees by the Greek state.
According to Community officials, no commercial bank would have lent OSE, the railway holding company, the money without Greek state guarantees. As a result, the loans that were disbursed with the specific manner now become claimable.
