Friday, January 9/2015

The Cypriot news of the day is that Cyprus Airways, endlessly propped up by governments of various stripes and by the hapless taxpayer, has finally bitten the dust. Official shut down is at midnight, with the last plane landing mid-evening. The EU had ruled that the massive government support, amounting to over €100 million in the last few years, is essentially illegal subsidy and must be repaid to the taxpayer, which the bankrupt airline was unable to do, and so it was ordered to cease operations. By this point down to six leased aircraft and a 500 plus employees.