Cypriot Finance Minister Harris Georgiades has said that ailing national air carrier Cyprus Airways will stop its operations since following a European Commission decision for the company to pay back over €100 million of state aid it had received in the past, means that it is “no longer an active economic entity”.
Georgiades was speaking during a joint press conference with Minister of Communications and Works Marios Demetriades.
He also said that following the Commission`s decision the relevant international organisations are expected to rescind its commercial license.
Employees, Georgiades said, will receive the total of salaries due to them and their Provident Fund.
On his part Demetriades said that the country`s connectivity is covered by other airlines operating in Cyprus, adding that steps will be taken immediately towards establishing a new private company bearing the name and logo of Cyprus Airways.