Call for Political Maturity - Orphanides
The Governor of the Central Bank Athanasios Orphanides has called on ministers to show political maturity and courage to make the right choice in restricting public spending to get the economy back on track.
He told ministers today that it is 'imperative' for immediate cuts in public spending and that the majority of political and economic institutions now realise the seriousness of the problem. Choosing 'counterproductive controversy' and delaying the necessary cuts will harm the economy even further as the Cyprus government has already lost approximately 1.7 billion euros in revenue in the last two years, he said.
Last week, the Finance Ministry submitted its stability proposals to the EU which aim to cut public spending by 150 million euros over the next two years. Three political parties, EDEK, EVROKO and DISY have since criticised the measures - one of which proposes to cut the number of public servants by 600 persons - and have refused to attend meetings to discuss them.