OTE taking USD177m pension charge

1 Feb 2011

Reuters reports that Greek telco OTE has announced that it will take a EUR130 million (USD177 million) charge on 2010 earnings to settle a government claim over pension liabilities. Greece’s cash-strapped government said in January 2010 it would claim more than EUR100 million from OTE to plug a hole in public finances caused by the company’s 2005-06 voluntary pension scheme. OTE, which disputes the claim, said on Monday it was taking the charge because of accounting rules.

Greece, Cosmote