Greek Cypriot Airways closes down

Greek Cypriot Airways (Cyprus Airways) which was operating since 1947 made its last flight from Athens to Larnaka on the previous night and officially closed down.

One of the Greek Cypriot dailies wrote that the company closes because of the losses, lack of restructuring and illicit state assistance . The paper added that European Competitive Council declared that 100 million Euro granted to the company as a support by Greek Cypriot government is illicit and the Council decided that the company should return the money.