The European Commission has decided to launch a formal investigation into new State aid by Greece to Olympic Airways Services and Olympic Airlines. In its decision, the Commission identifies four separate areas of investigation. First, there are reasons to believe that Greece has granted illegal and incompatible State Aid to these two companies through continued forbearance in relation to tax and social security debts since December 2000. Second, Greece may have granted illegal and incompatible State Aid to Olympic Airlines by financing some of its aircraft leases since May 2005. Third, the Commission will investigate payments made to Olympic Airways Services in respect to a number of arbitral panel decisions. Fourth, the Commission will examine whether the special creditor protection granted in 2005 to both companies may constitute State aid.