http://www.usatoday.com/travel/news/2003/07/14-olympic-air.htm

Olympic Airways (OA), founded in 1956 by Greek larger-than-life tycoon Aristotle Onassis, and becomes fully state-owned since 1975, is in bad shape, and is going to bankrupt. In 2000, the last year for which the state-owned airline has bothered to publish annual results, its accumulated losses totalled a staggering 360 million euros (407.1 million dollars).

On top of that, Olympic has the European Commission at its heels. Brussels announced in December it fined the airline 194 million euros for misusing and illegally obtaining state support. Greece said it would appeal the decision.

It is absolutely NOT surprising to see the fall of the Olympic Airways, as it is suffering from serious mismangegment since then, like the opening of many loss making routes to remote destinations such as Monteral, Johnnasberg, New York, the reluctance to sell its non-flight operations, etc.

Hope the Greeks can have better air service after the bankruptcy of Olympic Airways and the entry of other airlines into Greece.