I think Hogwash does have a point. Unfortunately for GF, the governments are not helping as much as they used to. In addition, some of them insist on having certain international routes even though they are VERY unprofitable (this is the major problem of having 4 hubs). GF management are not allowed to cancel these routes and so they have no choice but to give in to their demands. If those governments would help GF offset the losses on those routes (by giving incentives and better prices on fuel, landing and handling charges, etc...), then all would be well.
Most carriers in the Middle East are losing tons of money, and the governments have no choice but to bail them out because they cannot afford to have their national airline go under. Given that there are 4 owners here (so all costs are divided by 4), it can't be that tough for the owners to cough up the money, can it?