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economic crisis

Treasury Plans Cyprus Stock Exchange Privatisation

cyprus stock exchange privatisationThe Cabinet has approved the privatisation of the Cyprus Stock Exchange (CSE) and the Treasury is now preparing a law to regulate the management of the CSE as a private company, said the Ministry of Finance.

Unions' Reaction To Austerity Awaited Today

trade unions cyprusTrade union reaction to a new package of austerity measures is expected today after an agreement was reached late last week between political parties and President Demetris Christofias.

Billion in Back Taxes 'A Myth' - Neophytou

averof neophytouThe expectation that the government is owed up to a billion euros in back taxes and will get this money back with an amnesty is 'a myth' said DISY deputy head Averof Neophytou in comments to the state broadcaster.

Kazamias Proposes Two-Year State Wage Freeze

austerity measures kazamiasFinance Minister Kikis Kazamias today bit the bullet and has proposed a two-year freeze on wages in the public sector to help reach the target of lowering the deficit to below 3 percent in 2012.

Christofias Blames Capitalist System for Economic Crisis

cyprus economic crisisPresident Demetris Christofias has blamed the 'global capitalist system' for problems in Cyprus' economy, saying that his government did not create the crisis.

Kazamias Disagrees with IMF On 2012 Deficit, Growth

kazamias budget 2012Finance Minister Kikis Kazamias said he disagrees with the IMF's latest estimates on the deficit for 2012 and that he projects a deficit of 2.8 percent compared to the IMF's 4 percent, while GDP will grow at a rate of 0.2 percent versus the IMF's projection of -1 percent.

Cyprus Economy In Very Serious Situation - IMF

IMF cyprusNICOSIA - With no access to international capital markets and a rising deficit, Cyprus' economic situation is very serious but the government still has time and opportunity to avert a worse scenario that would require a bailout from the EU, said member of the IMF mission in Cyprus J.E. Jan de Vrijer.

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