A decade after Greek postal operator ELTA was described as standing “on the edge of a cliff,” the organization remains mired in many of the same problems despite repeated restructuring efforts, hundreds of millions of euros in public support and major operational changes.
In 2016, ELTA’s future was portrayed as uncertain, with management looking to a reorganization plan to restore profitability. Ten years later, the outlook has changed little.
During that period, ELTA received about €353 million in compensation for providing universal postal services, a €115 million loan from the Deposits and Loans Fund, has implemented a costly voluntary retirement program, absorbed its courier subsidiary ELTA Courier and carried out two network restructurings.
Yet the company continues to struggle to establish a sustainable footing.
The company’s difficulties have been compounded by successive management changes, interrupted reform efforts, mismanagement, reluctance to assume responsibility and the unresolved issue of compensation for universal service.
