The new Olympic Air has only chance of surviving provided the Greek Government does not touch it at all.
They have had their fair chance and they blew it during the last 20+ years. Why should the tax-payers, pay the Operation? If MIG can not run this without governmental support, that will be the final prove that OA has no right of existance!
Under the the current conditions it is very unlikely that the EC will approve state subsidies any way.