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Cyprus Airways ends operations on EU ruling

Monday, 12 January 2015 00:21 - - {{hitsCtrl.values.hits}}

Cyprus Airways is ending operations with immediate effect after the European Union ruled it had received illegal state aid, the government said on Friday. An administrator will be appointed for the airline and its operating licence will be revoked, Finance Minister Harris

Georgiades told reporters. Earlier, the European Commission ordered Cyprus Airways to pay back more than 100 million euros ($ 118 million) of aid it had received from the Cypriot government. – Reuters