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Famous Greek shipyard Scaramanga is facing bankruptcy, threatening to leave 1 4000 people unemployed. The state has contracted Scaramanga’s German owners for the construction of three super-modern submarines, €3.1bn of value, which haven’t been yet been built. Except the well-known “Papanikolis” which tilts to 60 degrees in a stormy weather and the Greek state refuses to accept it. Greece has paid HDW Company €2.5bn so far and the Germans are currently threatening to sue for the rest €520mn.

The problems with the shipyard began back in 2002 when it was privatized. Despite the interest shown by an American, British, Greek, and a French company, the PASOK government at that time decides to give the company to the German HDW without organizing an auction. At the same time, as demanded by the navy, the state entered into a contract for the creation of three ultra-modern submarines of the type 214 for €3.1bn, with the option to order a fourth one. The first submarine had to be delivered by March 31, 2005, the second one- by April 31 2007 and the third- by March 31, 2008.

As “Katimeriny” newspaper reveals, there are plenty of pitfalls in the contract with the Germans. One of them is that the Greek state is obliged to pay the Germans €30mn in case the fourth submarine is not ordered. Meanwhile, HDW is not in a hurry to begin the submarines construction. The first testing of the first submarine, the famous “Papanikolis” was held in May 2005 in the heavy sees around Kielos, where the submarine tilted to 60 degrees! The Greek state refused to accept it although it has paid €450mn for its construction. In 2007, HDW successors Thyssen/Krupp, another German Company, conduct another testing of “Papanikolis”, this time in the calm waters of the Saronic Gulf, and make another attempt to trade it off to the Greeks, who until today refuse to take it.

The Germans have received all of the payments except the last one- €520mn but haven’t constructed the submarines yet. In spite of that, they are threatening to bring a suit against the Greek state. The financial situation of the company is further complicated by the €230mn fine, imposed by the European commission for illegal public subsidies in the period between 1996 and 2002. The outcome is that Scaramanga is facing bankruptcy and the navy is still waiting for the super-modern submarines.