Brussels clears regional airport privatization

The European Commission has approved the transfer of 14 Greek airports to a German-led consortium and says it's now up to Greece to finalize the deal, a key element of the country's bailout program.

The Commission says the 1.23-billion-euro agreement can go ahead as it did not involve state aid, was transparent and in line with market conditions.

In a statement on Friday, the Commission said Greek authorities now have to complete the transfer and delivery of the airports on a 40-year concession to Fraport AG and its Greek partner, Copelouzos Group.

The deal was initially due to come into effect last year. The 14 airports are Thessaloniki - Greece's second largest city - Myconos, Santorini, Rhodes, Corfu, Zakynthos, Cephalonia, Cos, Lesvos, Skiathos, Samos, Hania, Kavala and Aktio.

[AP]