EAS sur­vival plan pro­vides for split in two

Kathimerini English - - Front Page -

The road map for the stream­lin­ing of Hel­lenic De­fense Sys­tems (EAS), as agreed be­tween the gov­ern­ment and its cred­i­tors, will in­clude 12 points, while cred­i­tor rep­re­sen­ta­tives will be mon­i­tor­ing the im­ple­men­ta­tion of the plan at ev­ery step. Athens is sup­posed to turn EAS into a sus­tain­able com­pany within 2014 and save 500 jobs, or face hav­ing to shut the com­pany down in 2015.

Among the steps re­quired, the gov­ern­ment will have to im­ple­ment the sep­a­ra­tion of EAS into two, a civil and a mil­i­tary part, within the first three or four months fol­low­ing the ap­proval of the re­struc­tur­ing plan. Right af­ter that, Greece will have to liq­ui­date the civil sec­tion, oth­er­wise 115 em­ploy­ees will have to be sacked by the end of Au­gust.

Up to nine months af­ter the ap­proval of the plan, the mil­i­tary part will start be­ing sub­ject to strict pe­ri­odic checks (ev­ery four months) so that Greece’s cred­i­tors are kept fully up to date. By the end of June, 318 staff must be laid off so that the mil­i­tary EAS has just 500 em­ploy­ees left.

By end-Septem­ber the mil­i­tary EAS must show the cred­i­tors deals adding up to at least 13.5 mil­lion eu­ros for the pe­riod from April to De­cem­ber 2014, plus another 20 mil­lion for 2015. At end-De­cem­ber it should have also se­cured or­ders for 20 mil­lion eu­ros for 2016, too.

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