Commission gives Cyprus Airways grace period

The European Commission is giving the government a grace period to prepare a day-after plan for troubled Cyprus Airways, Onoufrios Koulas from the state audit department said recently.

“They (Commission) want solutions to be found for the national carrier that will prove its viability. That’s why they are postponing their decision on the legality of state aid that has already been granted,” Koulas also told state radio.

It is not prohibitive for the government to admit that mistakes in Cyprus Airways’ funding process have been made and to try to correct them, he also said.

The only path to success, he added, is updating the fast sinking carrier’s restructuring plan and submitting it again before the Commission.

Source: InCyprus

Cyprus Profile

articles | 02 December 2014