Olympic Airlines (Athens) , the Greek government and the European Union have reached an agreement over the privatization plans for the ailing national carrier that will include a 800 million Euro fine for Olympic for illegal state aid. The government plans to launch Pantheon Airways (OA/Athens) in cooperation with private investors in early 2009 as a new carrier and to transfer some assets to the new company with Olympic Airlines then being liquidated. The new carrier is expected to operate approximately 65% of the current services with a lot of international routes being cut. The government plans to offer packages for voluntary redundancies or transfers to other government jobs. It has given up its Thessaloniki-London Gatwick route already. Olympic has added an ex-Air Asia (AK/Kuala Lumpur Intl) B737-300 and an ex-Pace Airlines (Y5/Winston-Salem) B737-400.