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Cyprus Airways shuts down after EU ruling

  • Published by Ozgur Tore

cyprus airways

Cyprus closed down its flag carrier Cyprus Airways on Friday after the European Commission ordered the struggling airline to pay back over 65 million euros in illegal state aid.

EU Competition Commissioner Margrethe Vestager said Cyprus Air had no chance of becoming viable without continued state subsidies, meaning the money paid out in 2012 and 2013 as part of a 103-million-euro restructuring package would have to be recovered by the government.

In Nicosia, authorities said the decision meant a suspension of operations.

“The company has ceased being a viable entity and cannot continue to operate,” Finance Minister Harris Georgiades told reporters.
Source: ekathimerini

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