Brussels, 16/03/2004 (Agence Europe) - As foreseen, the Commission has decided to open formal review procedure against Greece on the subject of Olympic Airways, in order to gather information on the arrangements for the creation and privatisation of a new company, Olympic Airlines, in order to verify whether the process contains any element of State aid. At this stage, the Commission doubts that several measures taken over recent years by the government will be compatible with the rules on State aid. It must above all assess whether the advantages enjoyed by Olympic Airways are in fact new State aid: - non-payment of tax debts in 2003, an advance payment from the Greek State to finance restructuring and privatisation and non-payment of taxes for modernising airports levied on passengers. Furthermore, the Commission would like to verify the conditions in which Olympic Airlines was formed. It considers that Olympic Airlines, which takes over all the assets of Olympic Airways, must also pay what was previously owed and cannot wipe the slate clean. It also casts doubt as to the procedure used, which does not allow it to assess whether the potential buyer will pay a "fair price". Finally, the Commission calls on Greece to formally repeal before 31 December 2004 several articles of the 96/1975 law creating a derogatory regime applicable to Olympic Airways which, in its view, could distort or threaten to distort competition.