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CAIR: €70m to become viable

05/07/2012 15:43
Cyprus Airways need €70 million to become viable, one of the private shareholders to the House Finance Committee today.

After examining the supplementary budget for the share capital increase of CAIR, Ecologists’ MP, Giorgos Perdikis said that the hole of Cyprus Airways exceeds €31 million. “Today, it became clear that the Cyprus Airways plan provides for redundancy which means expenditure of €17 million and so the government’s credits must exceed €40 million”.

“In order to make the company viable, we need €70 million”, he said.

According to Mr. Perdikis, the Parliament must show responsibility and not to waste public money when it does not guarantee that it will succeed. “This is something that troika and the EU will not allow”, he concluded.