If Cyprus Airways does not get 20 mln euros to compensate for the trouble caused by flying around Turkey, it could close by the end of April, Finance Minister Charilaos Stavrakis told the House Finance Committee on Monday. However, the minister added that the aid would not necessarily resolve the problems at the troubled national carrier. Stavrakis said that the flight ban over Turkey was harming the airline’s competitiveness, while rival airlines could fly to and from Moscow and St Petersburg with lower fuel costs and shorter flying time. He said that more than 1,000 people would surely lose their jobs if parliament did not approve the special fund, adding that the losses for the tourism industry and the economy in general would be greater. Stavrakis said that pending approval from the European Commission, any other airline in the future that would be based in Cyprus and would need to divert its flights around Turkey, may also seek similar compensation.
Source http://www.financialmirror.com/News/Cyprus_and_World_News/22715