Cyprus Airways to axe 140 jobs in bid for survival

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Cyprus Airways will cut up to 140 jobs in the near-term as part of a restructuring plan aimed at ensuring the carrier's survival.

The airline last week announced that it intended to lease out one of its two Airbus A330-200s and axe a large number of staff in an attempt to reverse losses.

A Cyprus Airways spokesman says that "between 130 and 140 jobs will be cut in the near future in our company".

In addition, workers' incomes will be cut and there will be a freeze on new hires "unless it's absolutely necessary". The carrier will also close a number of offices abroad and assign the additional duties to general representatives.

Cyprus Airways chief executive Giorgos Mavrocostas is quoted in local media as saying the carrier "does not have a future" unless these cuts are made, and only has enough cash flow to last for "a few months".

The carrier is seeking compensation from the Government over a ban on its flights through Turkish airspace.