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Axe over Polish shipyards hangs by a thread

 Axe over Polish shipyards hangs by a thread
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Chances are growing that massive state aid used to keep Poland’s shipyards afloat will be declared
illegal. Emergency talks between Brussels and Warsaw have failed to settle the dispute, as the European Commission studies restructuring plans. A decision is expected next week.

If the Gdansk, Gdynia and Szczecin shipyards have to repay the some 2.2 billion euros (not 1.3 billion as estimated earlier), it could mean sinking nearly 15,000 jobs.

Analysts say bankruptcy would probably lead to massive protests that could seriously rattle the centre-right Polish government. But an EU official said that in the last four years, “those shipyards have not made a single profitable ship.”