Ryanair's O'Leary says he'll profit out of Greek crisis

PA

Ryanair boss Michael O'Leary says his airline stands to profit as a result of the Greek financial crisis.

And he says he believes resort prices in Greece could drop by as much as 80 per cent the government decides to ditch the Euro and return to the drachma.

The "no frills" airline boss says the "Grexit" would trigger a "tourist invasion", and says his airline could prosper from the turmoil.

O'Leary believes that the chaos could cause more of his rivals to go bust, and passengers would book with him to save money.

The airline has just announced record profits: they soared to 25 per cent to £406 million in the 12 months to April.

"We have made so much money, we don't know what to do with it," he joked to the Daily Mirror.

However, he expects profits to slip by 20 per cent next year, due to high fuel costs and the bleak economic outlook.

Just last week, Ryanair cancelled two flight routes to the Greek islands from this summer.