CY also has this rather large issue hanging over it which could well spell the end later this year...
'The airline is under scrutiny from the European Commission, which is investigating the terms of a €73 million rescue package in 2012 and a €31.3 million capital increase in early 2013 to establish whether they violated state aid rules.
The EU rules permit a government to provide rescue and restructuring aid to a company in difficulty once over a period of 10 years. Cyprus Airways previously received government aid in 2007.'