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Olympic Airways (O.A.), the former Greek flag carrier, was nationalized in 1975. For the period 1975-1994 its cumulative deficits had mounted to 455 billion GRD, (1.63 billion US$). However, at the same time all governments enforced on O.A. the implementation of their various policies, always at the company’s expense. The state debts to O.A.- due to the aforementioned reason were in 1993 (E.U. involvement) almost three times higher than O.A.’s operational deficits. These state debts have not been permitted to O.A. to register in their accounting books. Since 1993 the Greek state, O.A.’s exclusive shareholder, has attempted to introduce changes which were considered to be appropriate in order for O.A.’s crisis to be overcome, by passing two laws; one in 1994 and a supplementary one in 1998. These efforts, as well as the five efforts for O.A.’s privatization which followed, have failed to date.