Minister approves transfer of 4% OTE stake to pension fund

6 Mar 2009

Greece’s Minister of Economy and Finance Yannis Papathanassiou has signed an agreement to transfer a 4% stake held by the state in former monopoly telecoms operator OTE to pension fund IKA, reports The share transfer reportedly clears the way for government approval of OTE’s latest staff restructuring plan, which includes laying off 650 employees who were originally excluded from a voluntary redundancy programme and hiring 200 new staff at lower costs. Law 3371/2005 provided for the voluntary departure of 4,800 OTE employees.

Greece, Cosmote