Cyprus Airline Eurocypria Seeks Loans To Stay Afloat

Description:

The Cyprus Minister of Finance, Charilaos Stavrakis has said that state owned airline Eurocypria is seeking loans to help keep it afloat through the current global financial crisis after a meeting was held between him and the airline's board.
 

The new chairman of Eurocypria, former banker Lefteris Ioannou, was appointed by the cabinet on Tuesday. He replaces Lazaros Savvides, the Permanent Secretary of the Interior Ministry.
 

Stavrakis indicated that preliminary contacts with financial institutions have already been made and all help would be within EU rules, which do not allow direct state aid to airlines.
 

Eurocypria was purchased by the Cyprus government from Cyprus Airways in 2006.

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