Eurocypria to Get Proposed Cyprus Government Boost

Description:

According to reports, the Cyprus Government is expected to invest a further €35 million into the state owned airline, Eurocypria in an attempt to keep it afloat.
 

Eurocypria has a share of around 15% of the incoming market in Cyprus and the Government is determined to keep supporting the airline.
 

The Cyprus Government bought Eurocypria from Cyprus Airways in June 2006 when Cyprus Airways needed a cash injection to the national carrier.

 
Eurocypria are looking at taking measures to raise more cash by renegotiating current client contracts and employee wages and bonuses.

 
If the proposed plan goes ahead, the extra €35 million will help with Eurocypria's short term situation. The long term stability of the airline will be closely monitored by the Air Transport Licensing Authority (ATLA) and other outside sources.
 
 

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