And now the Cyprus Government offer to bail them out ?
CY to get £60 million loans (Cyprus Mail 6th March)
THE GOVERNMENT may help ailing national carrier Cyprus Airways (CY) with £60 million of loans if the airline’s rescue plan is implemented and EU approval is gained, Communications Minister Harris Thrasou told CY unions yesterday.
Thrasou and Finance Minister Makis Keravnos met with representatives of the five unions to explain the government’s short and long-term plans for economic support of the airline.
“The rescue plan must be implemented and the more employees support it the more chances it has of success… there are no other choices,” said Thrasou.
The minister told union officials that the government was seeking European Commission approval to take a loan for the airline, but there were difficulties and it could take some time.
TACCY