Olympic Airlines will close its doors after half a century of flying and be replaced by a new entity, Pantheon Airways. Pantheon will be a private enterprise, likely with some foreign interest. It will continue Olympic's existing domestic network, but shrink its international scope.Olympic's saga mirrors that of Alitalia, although it is less well known. Mismanagement and government interference were combated with heavy subsidies, which in later years violated EU competition policy. The airline restarted in 2003 as an Olympic Airways subsidiary was renamed Olympic Airlines and took over the parent's assets. Multiple failed privatizations eventually led to a crushing debt load and this week's shutdown decision.