The Minister of Economy of Cyprus, Jaris Yeorgiadis, announced on Friday the immediate closure of the national air carrier, Cyprus Airways.
At the root of the decision is the fact that the European Commission require Nicosia the return of state aid in value of 100 million euros granted to the company since 2007 and considered illegal.
“As of today, the Cyprus Airways ceased its operations as it is no longer considered an active economic entity,” said the minister during a press conference.
Jaris Yeorgiadis revealed that the state tried to do everything possible to clean up the company, but that effort was not successful.
“Unfortunately, in Instead of rapid privatization, when there was a chance, we chose the route of the illegal aid, “lamented the minister, alluding to the aid granted by the previous government in 2012.
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