Aegean Airlines could be facing one of its biggest challenges since beginning operations as a scheduled passenger airline in 1999, if its home country leaves the eurozone and a substantially devalued Greek drachma reemerges. Greece's new government opposes the harsh austerity measures imposed as part of the country's €250 billion ($285 billion) bailout by the Troika: the European Central Bank, International Monetary Fund and European Commission (EC). And it is unclear how Greece will secure further financial assistance if it refuses to meet the demands of international lenders. On the bright side, Aegean has a proven track record of operating in tough conditions. It braved 23 consecutive months of deep recession in Greece and used the downturn as an opportunity to convince the European competition authorities to allow it to buy smaller, struggling competitor Olympic Air at the end of 2013. Aegean also used the economic crisis to decrease its unit costs and improve efficiencies.
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