PRESIDENT Demetris Christofias yesterday refused the resignation of the chairman of ailing state-owned airline Eurocypria, which is in desperate need of a €35 million to keep operating.

At the same time the airline’s payroll was leaked to media revealing what one paper described as the “royal salaries” Eurocypria personnel receive while the company risks going bust.

Eurocypria Executive Chairman Eleftherios Ioannou submitted his resignation yesterday morning but Christofias asked him to stay on “assuring him that the government will support the company,” a company statement said.

The government has already submitted a plan to bail out the company, currently under scrutiny before parliament, which is expected to vote on it on Thursday.

In its statement, the company said it had also received assurances by the majority of parties that the plan – an increase in share capital – would be approved this coming Thursday.

Speaking on state radio earlier yesterday, Ioannou said the company had a loan repayment deadline, which could not be met.

“There are obligations as regards aircraft leases, which I do not think can be paid in time,” Ioannou said. “In such a case one would count on good cooperation and the understanding of creditors.”

Ioannou said the matter had been politicised and reiterated that the airline had a future.

“Political issues have no place in business,” he said. “I believe Eurocypria has a future – a lot of work has been done and the company is good operating condition.”

He said Eurocypria’s costs were low and it was in a position to compete with low cost airlines.

While the company is asking for a cash-injection it was revealed yesterday that some of its 65 pilots made over €100,000 per year, with the top earner making €137,611.

Around 25 made between €77,000 and €99,000, according to the company’s payroll.

From the list of ground staff stood out two cases, earning €114,271 and €111,943 respectively.

DISY vice chairman Averof Neophytou, who has been very vocal against the government intention, appeared sarcastic yesterday.

He said the minister of finance and the chairman of Eurocypria were prominent bank officials and “the government is trying to convince parliament that Eurocypria is viable and the Cypriot taxpayer should invest €35 million.”

He added: “If they really believe in what they are telling us, it would be very easy to convince their former colleagues, either to renew the loans or the creditors can participate in increasing the share capital.”

Meanwhile, Cyprus Airways unions expressed their disagreement with the bill to increase Eurocypria’s share capital.

“Cyprus Airways staff expected more seriousness and responsibility from the government and the political parties at a time of a global economic crisis,” a statement from all the unions said.

They said handing the cash to Eurocypria was like throwing money in a black hole.

The CY staff asked to see the president of parliament before announcing any mobilisations before Thursday.