Government considers CYP60m for Cyprus Airways (CAIR)

The government is considering a CYP 60 mln bail-out for troubled national carrier Cyprus Airways and is seeking European Commisison for such state aid.

Communications Minister Harris Thrasou met CAIR unions on Saturday along with the Finance Minister Makis Keravnos.

The two ministers hope to grant a CYP 30 mln ‘rescue plan’ loan, followed by another CYP 30 mln or more ‘restructuring plan’ loan.

However, approval of the loan could take some time. CAIR recorded losses of about CYP 37 mln last year.

Thrasou added that the Council of Ministers would discuss on Thursday the resignation of two members of the board of directors, after staff were sacked in a manner that was contrary to the rules.