Eurocypria back from the brink

AILING charter airline Eurocypria was given a new lease of life yesterday after parliament gave the nod to a €35 million government bailout.

The funds were passed by a comfortable majority, with AKEL, DIKO and EDEK voting in favour.

A last-minute amendment to the government bill – inserted by the European Party – for a €10 million cash boost instead was beaten back during debate at the plenum. The proposal for the smaller amount was supported by DISY.

The airline had been warning the cash boost was a make-or-break deal, since Eurocypria, already in the red, needs to quickly repay loans amounting to some €28 million.

 

by cyprus-mail

19.02.2010