Croatian Airlines, Serbia’s JAT Airways, Slovenian Adria Airways, Montenegro Airlines and Bosnia-Herzegovina’s BH Airlines are all running a loss. Together they posted a $92 million loss in 2009, and $117 million in 2008. Anaylsts have suggested one way for the small airlines that emerged from the break up of Yugoslavia to survive would be to form partnerships and find investors. “Nations with just a few million people can hardly expect to sustain a national carrier,” said Marko Lukovic, aviation analyst at Frost & Sullivan. “In the long term, I don’t see how those little companies created in southeastern Europe can

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