Dear BAladdy,
Your idea could be good in an ideal world.
However Greece and Turkey don't see eye to eye. Things are getting better but the tension can rise quite quickly. So I think that a tie up is not possible at the moment.
Someone else mentioned the impossibility ot Aegean merging with Olympic on competition ground.....Can such a small country afford two airlines? I know Ireland has 2 but with a different business models and one is struggling.
Now does Aegean which seems to do ok want to tie up with a lame duck????