Plans to resuscitate Cyprus Airways

Athens - A day after shuttering Cyprus Airways for lack of funding, the Cypriot government floated plans Saturday to revive the airline.

The plan would involve bringing the airline back in a trimmed-down form, government spokesperson Nikos Christodoulides said on Greek broadcaster Skai.

The state-controlled airline stopped flying on Friday just hours after the European Commission ordered it to pay back slightly more than €65m ($77m) in illegal state aid.

Finance Minister Harris Georgiades told reporters that the national carrier cannot afford to return the money and operations had been suspended. He said an administrator would be appointed for the airline and that its operating licence will be revoked.

The decision was met with protests from union members.

The airline, which was founded in 1947, employs more than 500 people and has a fleet of six aircraft.