CNA - Rebekah Gregoriades - Cyprus/NICOSIA 01/06/2013 12:55
1250:CYPPRESS:04
CNA News
Nicosia, June 1 (CNA)
1. Cyprus is poised for deeper austerity in 2014, in an effort to cope with
the contraction of the economy, which is expected to be sharper than the 8.7% of
GDP projected in a €10 billion bailout that imposed an unprecedented haircut on
uninsured bank deposits. In an interview with CNA, Minister of Finance Haris
Georgiades said the 2014 state budget, the first to be drafted after the bailout
agreed with Cyprus’ lenders, the European Commission, the European Central Bank
and the International Monetary Fund, collectively known as the Troika, will
include significant cuts in public expenditure.
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