House greenlights €7.4m to close Cyta hole in Greece and pay down loans

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House greenlights €7.4m to close Cyta hole in...
 © CyprusMail 2017
CYTA, the state-owned telecom that avoided privatisation under pressure from political parties, will be receiving €7.4m for their 2017 supplementary budget, following parliamentary approval on Friday.

Passed by 26 votes in favour, 18 against and four abstentions, €2m will go towards to the loss-making Greek arm Cyta Hellas and the remaining €5.4m to pay off loans to Bank of Cyprus, according to a report prepared by the House Finance committee.

Although Cyta had initially budgeted €4m for Cyta Hellas in cash to cover liquidity needs, the head of Cyta sought to try and guide the...


House greenlights €7.4m to close Cyta hole in Greece and pay down loans


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