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Greece Tries To Save Defense Industries

Greek defense industriesWhile Greece’s international lenders are insisting on the sell-off of the country’s troubled and notoriously inefficient defense manufacturers, the government is still hoping to salvage control over at least parts of it. The state of the companies – EAS, ELVO and LARKO – was discussed on Sept. 19 at a meeting hosted by the Finance Ministry with European Commission Economic and Financial Affairs director Gert Jan Koopman.
The EU’s Competition Commission has demanded the closure of all three industries, while the government is trying to negotiate the consolidation of EAS and ELVO, arguing they are critical for their military operations despite being unable to produce what is needed in some cases.
The government wants to split EAS into civil and military divisions, with the later remaining under State control. For ELVO the government wants to appoint an administrator to oversee the firm’s liquidation and sale of assets. Regarding LARKO, the government’s intention is to sell the company while safeguarding the jobs.
After the meeting, Koopman, the financial staff and the FSF were to also discuss the Greek bank restructuring plans. The main topics were non-banking activities, subsidiaries in Balkan countries, interest rate policies and overcoming fundamental weaknesses of the business models.

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