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The law (N. 4469/2017) recently adopted by Greek Parliament, which was published on May 3 and introduces the opportunity of extrajudicial debt restructuring for natural and legal persons under specific conditions has been the cause of much discussion.
The compromise between the European Commission and Gazprom made public recently was triggered by the substantial commitments made by the Russian gas giant with regard to the omission of acts breaching EU antitrust rules.
Greece recently introduced various laws to create a competitive internal market for its natural gas sector with the aim of strengthening competition and ensuring security of supply.
Greece will be required to explicitly commit to ''alternative structural measures", as the memorandum with its creditors stipulates, in case the mandatory NOME auctions for selling Public Power Company’s (PPC) electricity products to its competitors do not succeed.
A legal issue that has, for obvious reasons, major political significance arose after a request by the Greek Council of State to the CJEU for a preliminary judgment.
The recent decision of the European Court of Justice (ECJ) to reject the appeal by the Public Power Corporation against the Commission decision providing for measures necessary to restore competition on lignite rights, brings back to the fore the issue of PPC’s privatisation.
The Greek government intends to pass a law concerning the out-of-court settlement of debts of entities with trading licenses in an effort to regulate the so called “red loans” owed to banks, funds and the government.
With decision no. 353/2016, the Regulatory Authority for Energy (RAE) determined the annual amount of electricity that will be available through auction sales of forward electricity products (NOME Type of Auction), which was scheduled to take place for the first time on Tuesday, October 25, 2016.
Chapter IV of Law 4389/2016 on “Urgent provisions for the implementation of the Agreement for Financial Goals and Structural Reforms and other provisions” includes a number of crucial provisions for the Greek electricity market.
Upon completion of a long-winded ex officio inquiry into the Greek taxation regime for shipping, the European Commission found that the pertinent legal framework includes certain provisions that may be deemed incompatible with EU state aid rules and, in particular, with the ‘EU State Aid Guidelines for Maritime Transport’ (Commission Communication C (2004) 43), which seek to maintain a level playing field for shipping within the European Union. Accordingly, by virtue of Decision C (2015) 9019 final of 18.12.2015, the Commission addressed a set of proposals to the Greek government, calling for the amendment of the said framework in such a manner as to achieve its compliance with the aforementioned EU rules.