I can't believe that the pride of the Greeks (people and government) would allow that to happen, unless the name would absolutely continue in operation. The domestic routes have a fair amount of competition from Aegean, and they all must make a pile of money during the summer. You can't find a seat on a Mykonos or Santorini flight!
Maybe they could improve their financial position overall by getting into the charter business and by bringing back the smoking section. Awfully difficult for some to face a long flight without a cigarette. Would/could be a real selling feature.