Rescue of vehicle and ship firms enters crucial stage

The government is trying hard to revive two companies which are important for the local economy and the country's armed forces, Hellenic Vehicle Industry and Elefsis Shipyards.

The new political leadership at the Development and Investments Ministry, headed by New Democracy bigwig Adonis Georgiadis, are confident about salvaging Hellenic Vehicle Industry, which builds buses, trucks and military vehicles, but are at present less certain about Elefsis Shipyards, which also has military ties.

In the case of the shipyards, located in the town of Elefsina, west of Athens, the government is holding talks with the owner, ONEX Shipyards, which also owns the more successful Neorion Shipyards on the Aegean island of Syros. Although officials say that negotiations with ONEX owner Panos Xenokostas are at an "advanced stage," they are also preparing for the possibility of an...