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EC Investigates Cyprus Airways

Cyprus Airways may have to pay back more than 101.3 million euros in government aid that was administered in 2012 and 2013, according to Phileleftheros.

As reported, the European Commission's investigation concerning the Cypriot government's financing of the air carrier is expected to force the airline to pay back the funds, as quoted by Brussels sources.  If this occurs, Cyprus Airlines would become bankrupt, as it is already faced with mounting financial challenges.

Reportedly, the Cypriot air carrier has 31 million euros in reserve, which it received when it sold its London Heathrow time slots to American Airlines and Middle East Airlines previously this year. The EC's conclusion will impact the nation's negotiations with nine parties, who are interested in the debt-ridden airline and have submitted proposals.

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