- Greece: The Greek Telecommunications and Transport Minister has announced the creation of OLYMPIC AIRLINES, a new airline to replace OLYMPIC AIRWAYS, which is over-indebted. In 2002, the losses suffered by OLYMPIC AIRWAYS were between EUR 3 and 4 million compared to 144 million in 2001. In parallel, the finance minister announced that three Greek banks have begun negotiations with potential buyers for privatising a new company in the aim of using the funds raised to cover its debt. The government plans to sell at least 51% of OLYMPIC AIRLINES but could sell a much larger stake. The company will have a start-up capital of EUR 140 million. - Poland: The Polish State hopes to place on the stock market the 15% stake that it still holds in the telecom operator TPSA by the end of the year. FRANCE TELECOM and its partner KULCZYK HOLDING currently control TPSA through a consortium that holds 47.5% of the shares. This consortium has a purchase option for acquiring a further 10% in the context of an offer to the Treasury, applied at the same price as that proposed to the institutional investors.