Hungary's dire financial predicament was laid bare today when its national airline Malev went bust and grounded all flights after failing to find a solution to unsustainable liabilities estimated at €550m (£460m).
Sources say Malev collapsed after nervous suppliers began asking for advance payments, which the airline was unable to provide. Two of its aircraft were prevented from taking off from Dublin and Tel Aviv, prompting the decision to ground all Malev aircraft worldwide from 5am.
Company officials said the stoppage immediately affected some 7,200 passengers: 3,500 in Hungary.
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Hungary's dire financial predicament was laid bare today when its national airline Malev went bust and grounded all flights after failing to find a solution to unsustainable liabilities estimated at €550m (£460m).
Sources say Malev collapsed after nervous suppliers began asking for advance payments, which the airline was unable to provide. Two of its aircraft were prevented from taking off from Dublin and Tel Aviv, prompting the decision to ground all Malev aircraft worldwide from 5am.
Company officials said the stoppage immediately affected some 7,200 passengers: 3,500 in Hungary.
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