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   The  Commission  has decided to approve a privatization proposal  by  the
   Greek  Government.  The plan concerns 208 enterprises, in particular  the
   Business Reconstruction Organization enterprises, those owned by  various
   public-sector  banks  (National  Bank,  Commercial  Bank,  Ionian   Bank,
   Farmers'  Bank,  Hellenic Bank for Industrial Development,  etc.)  and  a
   number of "Deko" enterprises.
   The preliminary stage of the privatization plan will involve some aid  in
   the  form  of debt write-offs or capital conversions (Article 44  of  Law
   No 1892/90 and Article 25 of Law No 1914/90).
   The actual privatization will not involve any aid.
   The Commission's decision is based on Article 92(3)(b) - aid to remedy  a
   serious  disturbance in the economy of a Member State.  It lays down  the
   following conditions:
   1.    The  enterprises must, as a general rule, be sold by  unconditional
         public  invitation  to tender, subject  to  non-discriminatory  and
         transparent terms and conditions.
   2.    The  enterprises  must be valued by independent  experts  who  will
         determine their financial value and their liquidation value.
   3.    Enterprises not sold by public tender must be notified pursuant  to
         Article 93(3).
   4.    The  sale  of an enterprise in a sensitive sector  (fibres,  steel,
         motor  vehicles,  shipbuilding,  other  agricultural   activities -
         Decision 90/342/EEC of 7 June 1990) and the sale of Olympic Airways
         involving  debt write-offs or capital conversions must be  notified
         in?advance to the Commission.
   5.    The  Greek  Government is to submit  detailed  six-monthly  reports
         during implementation of the plan.
                                     - 2 -
   The Greek Government's privatization plan forms part of the  undertakings
   given  under  Council Decision 91/136/EEC of 4 March 1991  in  connection
   with improvements in the national economy.
   For  this reason, and since the aid is commensurate with the  seriousness
   of  the  situation  in  Greece and is likely  to  resolve  the  financial
   difficulties  of the enterprises in question, the Commission has  decided
   not to raise any objections to the measures envisaged.
   It would point out, however, that its decision is without prejudice  both
   to  any  action which might be taken further to the Karella  ruling  (see
   judgment  of  the Court of Justice in Cases C-19/90 and C-20/90)  and  to
   cases currently before national courts.
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