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Latsis and Barroso

Posted by Richard Tuesday, May 03, 2005

A small correction to yesterday’s story about the financing of the Lamda shipyard upgrade.

Contrary to the information given, we are talking here about state aid, not EU funding. Thus, when Dr Latsis hosted (then) commissioner designate Barroso and wife on his luxury yacht, he was waiting for the commission to give permission to the Greek government to give one of his companies the sum of €10,349,269.

Without that permission, the payment would have been illegal under state aid rules, so Latsis was wholly dependent on the goodwill of the commission in order that one of his companies should get the money - from Greek rather than European taxpayers. The permission was forthcoming a month after Latsis had given Barroso his luxury holiday.