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Well well well: Cobalt Air has applied for an AoC

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Re: Well well well: Cobalt Air has applied for an AoC

Postby CBBB » Wed Apr 22, 2015 6:23 am

Paphitis wrote:What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Yes we were, because they were costing us a lot of money and the airline was staffed by a load of overpaid arrogant jobsworths!
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Tim Drayton » Wed Apr 22, 2015 9:36 am

Paphitis wrote:
Tim Drayton wrote:Well, well, well - true to form. Wherever there is an IMF programme following a crisis, business moves out of the hands of the state and national bourgeoisie and into the hands of the global bourgeoisie. Only a few years to go until the miracle recovery, now, to prove that the rescue programme was a great success.


Yes but this potential new outfit did not collude with the suspect actions of the Cyprus Government.

What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Agreed, they have just moved in to exploit the vacuum. I don't believe that Wilbur Ross colluded in the collapse of the Cyprus banking system, either, but he now owns the biggest bank. Over the next few years the entire banking sector, all of the utilities and ports and other infrastructure that the government will be pressurised into outsourcing will fall into the hands of global capital, and then it will be time for Cyprus's miracle recovery, showing how sensible it was to accept all of these neo-liberal reforms.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Paphitis » Wed Apr 22, 2015 9:59 am

CBBB wrote:
Paphitis wrote:What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Yes we were, because they were costing us a lot of money and the airline was staffed by a load of overpaid arrogant jobsworths!


How sad of view.

For your information, it's about to cost you a lot more in the near future because I can tell you that as soon as these private firms feel the pinch, they will cut down on services to the island.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby CBBB » Wed Apr 22, 2015 10:02 am

Paphitis wrote:
CBBB wrote:
Paphitis wrote:What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Yes we were, because they were costing us a lot of money and the airline was staffed by a load of overpaid arrogant jobsworths!


How sad of view.

For your information, it's about to cost you a lot more in the near future because I can tell you that as soon as these private firms feel the pinch, they will cut down on services to the island.


If routes are not commercially viable they should be cut. Don't see anyone cutting services to the places I might want to visit.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Paphitis » Wed Apr 22, 2015 1:50 pm

CBBB wrote:
Paphitis wrote:
CBBB wrote:
Paphitis wrote:What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Yes we were, because they were costing us a lot of money and the airline was staffed by a load of overpaid arrogant jobsworths!


How sad of view.

For your information, it's about to cost you a lot more in the near future because I can tell you that as soon as these private firms feel the pinch, they will cut down on services to the island.


If routes are not commercially viable they should be cut. Don't see anyone cutting services to the places I might want to visit.


They were doing that and adding capacity elsewhere. There was also a restructure on the cards by foreign consultants but that was not seem out to the end.

A private company will just cut services as they have no interest in Cyprus commerce or tourism. It will hurt if there is a downturn in tourism.

As for the EU fines, these could have been avoided if the Government fought the allegations with counter arguments like was the case for 3 other airlines at the time. The question is why they did not do that.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby CBBB » Wed Apr 22, 2015 2:05 pm

Paphitis wrote:As for the EU fines, these could have been avoided if the Government fought the allegations with counter arguments like was the case for 3 other airlines at the time. The question is why they did not do that.


Why should it have been avoided, Cyprus Airways was a bottonless money pit?
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Re: Well well well: Cobalt Air has applied for an AoC

Postby DT. » Wed Apr 22, 2015 2:26 pm

Tim Drayton wrote:
Paphitis wrote:
Tim Drayton wrote:Well, well, well - true to form. Wherever there is an IMF programme following a crisis, business moves out of the hands of the state and national bourgeoisie and into the hands of the global bourgeoisie. Only a few years to go until the miracle recovery, now, to prove that the rescue programme was a great success.


Yes but this potential new outfit did not collude with the suspect actions of the Cyprus Government.

What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Agreed, they have just moved in to exploit the vacuum. I don't believe that Wilbur Ross colluded in the collapse of the Cyprus banking system, either, but he now owns the biggest bank. Over the next few years the entire banking sector, all of the utilities and ports and other infrastructure that the government will be pressurised into outsourcing will fall into the hands of global capital, and then it will be time for Cyprus's miracle recovery, showing how sensible it was to accept all of these neo-liberal reforms.


Wilbur Ross does not own the largest bank. His own fund bought a tiny 35m Eur worth of shares in the placement last summer. His consurtium of hedge funds own only 19% of the bank. The remainder belongs to the old Laiki legacy (9%) and to the depositors.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Paphitis » Wed Apr 22, 2015 3:09 pm

CBBB wrote:
Paphitis wrote:As for the EU fines, these could have been avoided if the Government fought the allegations with counter arguments like was the case for 3 other airlines at the time. The question is why they did not do that.


Why should it have been avoided, Cyprus Airways was a bottonless money pit?


It wasn't a bottomless pit.

Would have turned around within 2 years.

Also look back at how and where it lost money. Most of it was because of HellasJet and EuroCypria and some money was lost when they leased 2 A330 which was a bit overkill.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Paphitis » Wed Apr 22, 2015 3:10 pm

DT. wrote:
Tim Drayton wrote:
Paphitis wrote:
Tim Drayton wrote:Well, well, well - true to form. Wherever there is an IMF programme following a crisis, business moves out of the hands of the state and national bourgeoisie and into the hands of the global bourgeoisie. Only a few years to go until the miracle recovery, now, to prove that the rescue programme was a great success.


Yes but this potential new outfit did not collude with the suspect actions of the Cyprus Government.

What is a major concern is the fact that a large proportion of the public were actually quite happy to see Cyprus Airways go.


Agreed, they have just moved in to exploit the vacuum. I don't believe that Wilbur Ross colluded in the collapse of the Cyprus banking system, either, but he now owns the biggest bank. Over the next few years the entire banking sector, all of the utilities and ports and other infrastructure that the government will be pressurised into outsourcing will fall into the hands of global capital, and then it will be time for Cyprus's miracle recovery, showing how sensible it was to accept all of these neo-liberal reforms.


Wilbur Ross does not own the largest bank. His own fund bought a tiny 35m Eur worth of shares in the placement last summer. His consurtium of hedge funds own only 19% of the bank. The remainder belongs to the old Laiki legacy (9%) and to the depositors.


Geez man. He owns 19% of the biggest bank for only 35 million. Talk about going for a song!

What a bargain! The Bank use to be worth some Billions.
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Re: Well well well: Cobalt Air has applied for an AoC

Postby Tim Drayton » Wed Apr 22, 2015 3:35 pm

I thought the existing shareholders were virtually diluted out of existence in last year's capital increase. I will have to check up on this.
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