European Commission authorized rescue aid in the form of a six-month, £30 million ($56.7 million) loan guarantee at market rates for Cyprus Airways. The aid will "allow the authorities to organize the restructuring of the airline," the EC said in a statement, adding that it complies with community rules on state aid. "The aid is also warranted on the grounds of serious social difficulties," the EC explained; "2,400 staff members work directly for companies within the Cyprus Airways ...

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