Greece: GOLDEN AVIATION has been accepted by the Greek government to take over the national Greek airline, OA - OLYMPIC AIRWAYS. The latter has just been found guilty by the European Commission for illegal use of State Aid and will have to refund EUR 194 million of the said money (see EUROPE today p 9). The Greek authorities have explained that if discussions with GOLDEN AVIATION do not go through, then negotiations with AEGEAN AVIATION will begin. - Italy: Giulio Tremonti, Italian Minister of the Economy has decided to sell the State's remaining 3.5% stake in the telecommunications company TELECOM ITALIA, despite the marginal nature of its share of the company. The sale of 182 million shares and 13.5 millions saving bonds will be carried out in a single tranche. It will be reserved for professional investors in Italy and foreign institutional investors.