Hungary’s Malev Folds as Euro Crisis Claims Second Carrier

Malev Zrt., the state-owned Hungarian airline founded in 1946, ceased flying after the government withdrew financing, becoming the second victim of European austerity measures in a week after the collapse of Spanair SA.

Malev, which has debts of 60 billion forint ($270 million), halted flights at 6 a.m. local time, with police guarding its ticket booth at Budapest’s main Liszt Ferenc airport as hundreds of passengers milled around seeking to rebook or get a refund.