Cyprus Airways shuts down after EU Ruling Friday Jan 09,2015

Cyprus' national carrier has ceased operations after an EU decision it must repay over 65m euros (£50m) in illegal state aid.

The EU Commission said the Cypriot government had breached rules on support for struggling companies.
Cyprus Airways has repeatedly received aid between 2007 and 2013.

The Government, which owns 93% of Cyprus Airways, had searched unsuccessfully for outside investors.
"The company has ceased being a viable entity, and cannot continue to operate," said finance minister Harris Georgiades.
He said there would be alternative arrangements covering Cyprus Airways flights from Saturday Jan 10,2015