EC threatens Greece over OTE golden share

27 Apr 2012

Dow Jones Newswires reports that the European Commission (EC) has given the Greek government two months to respond to its concerns about its so-called golden share in Hellenic Telecommunications Organisation (OTE), or face being taken to the European Court of Justice. In a press statement yesterday, the EC said that the government’s share purchase agreement with the telco’s managing shareholder Deutsche Telekom, which was later written into national law, ‘enables [the state] to participate in OTE’s governing bodies in a more significant manner than its shareholder status would normally allow,’ which the Commission argues infringes European Union (EU) freedoms and capital movement.

Greece, Cosmote