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12 ECFR 1 (2015)

handle is hein.journals/ecomflr12 and id is 1 raw text is: Privatized Companies, Golden Shares and Property Ownership in the Euro Crisis Era: A Discussion After Commission v. Greece by THOMAS PAPADOPOULOS In Commission v. Greece, the Court of Justice of the European Union examined Article 345 TFEU (ex Article 295 EC) on property ownership, in the context of golden shares of priva- tized companies. The neutrality of the EU towards privatizations is questioned. The scope and the outer limits ofArticle 345 TFE U are also scrutinized and a few distinctions are drawn. The decision whether to privatize and to introduce golden shares falls within the scope of Article 345 TFEU and outside the scope offundamentalfreedoms, but the materialization of this decision and, as a matter of fact, the privatization process fall within the scope offunda- mental freedoms. Recent developments on privatization prohibitions will also be discussed. This analysis will take place in the context of privatizations occurring in over-indebted Member States affected by the Eurozone crisis and having concluded bailout agreements. Emphasis will be placed on the Greek and Cyprus bailout agreements, where privatizations constitute an important part of the Economic Adjustment Programmes of these two Member States. Analysis of Article 345 TFEU will also cover corporatizations as an essential prereq- uisite for privatizations. The delineation of the boundaries between Article 345 TFE U and the fundamental freedoms constitutes a challenge for the bailout agreements and the priva- tization laws of over-indebted Member States. Table of Contents ECFR 2015, 1-18 I. Introduction ........................................... 2 II. Factual and legal background ..................................... 4 I1. Judgment of the CJEU .......................................... 4 IV. Privatizations and Article 345 TFEU (ex Article 295 EC) on property owner- ship: Preliminary observations, in the context of Commission v. Greece ..... 6 LLB with Distinction(Thessaloniki), MJur, MPhil, DPhil (Oxford); Assistant Professor at the Department of Law, European University Cyprus; Visiting Professor at the Inter- national Hellenic University (Thessaloniki, Greece); Attorney at law (Greece); Editorial Secretary of the European Company Law (ECL) Journal (Kluwer). Email: T.Papado poulos@euc.ac.cy or thomas.papadopoulos@yahoo.com. The author was awarded the Cyprus Research Award-Young Researcher of the Research Promotion Foundation of the Republic of Cyprus, on the basis of his research on Takeovers and Mergers in Euro- pean and Cypriot Company Law. This paper constitutes part of this research.

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