Cyprus Airways and Eurocypria to remain in Cypriot hands

Cypriot Minister of Finance Charilaos Stavrakis said on Tuesday that the government will protect Cyprus Airways and Eurocypria, adding that the government is examining all options.
In statements at the House of Representatives, Stavrakis said 2008 will be a difficult year for both air carriers due mainly to the rise in fuel prices, adding that any new financial support to the two companies would have to be approved by the EU first.

Asked about the options, Stavrakis said there were many in theory, which he did not elaborate on, noting that both companies must remain in Cypriot hands.

Stavrakis also said that the government was the exclusive shareholder in Eurocypria and held 60% of shares in Cyprus Airways.