Lufthansa to Get Financial Support From Switzerland and Austria

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Switzerland and Austria pledged to help Lufthansa with state-backed loans as the German airline pursues talks with Berlin over a 9 billion euro ($9.8 billion) rescue package, Reuters reported. The Swiss government said on Wednesday it will ask parliament for 1.275 billion francs in loan guarantees for Lufthansa (LHAG.DE) units Swiss and Edelweiss. Strict travel restrictions to contain the coronavirus pandemic have brought flights to a near-halt across the world and there is no end in sight for when they can restart, leaving many airlines begging governments for rescue packages. The International Air Transport Association this month estimated that revenue losses from the coronavirus pandemic have risen to $314 billion. Lufthansa’s Austrian airline AUA said on Tuesday that it had applied for 767 million euros in state aid, of which a large part should be repayable loans and the remainder grants. Read more