Cyprus Airways has suddenly stopped flying following a ruling from the European Commission about unfair subsidies provided to the airline by the Cyprus Government between 2007 and 2013 in a bid to help it restructure.
There are rules against state-aid to private industries within the EU, although some countries seem to find ways around this. Britain as the rule-follower of europe often lets companies go to the wall, with associated redundancies, in the name of these rules.
Despite owning 93% of the airline, it seems what the Government broke the rules. Unable to find anyone to buy the airline, the Board decided to close down the airline yesterday. The web site contains a simple statement:
The BBC is reporting that there will be arrangements covering their flights from Saturday but there is no evidence of this at the web site. We shall see.