Cyprus president warns of difficult days

Cypriot President Nicos Anastasiades said on Wednesday that a chance of recovery from financial meltdown would entail “firstly, collectivity and, secondly, consistency and fiscal discipline, and all those measures that will contribute to kick-starting the economy as soon as possible.”

The president was speaking at the swearing-in ceremony of the new Finance Minister Haris Georgiades in Nicosia, after ex-Finance Minister Michalis Sarris stepped down on Tuesday.

The former minister resigned hours after a probe was launched into how the island was pushed to the verge of bankruptcy.

This comes as public demonstrations grow over tough austerity measures following an international bailout agreement.

On March 25, Nicosia inked a 10-billion-euro (USD 13 billion) bailout deal, which includes a tax of up to 40 percent on deposits of over 100,000 euros in Cyprus’ two biggest banks, with the “troika” of the European Central Bank, the International Monetary Fund, and the European Union.

Based on the deal, wealthy depositors in Cypriot banks stand to lose up to 60 percent of their savings.

GMA/SS

Source Article from http://www.presstv.ir/detail/2013/04/03/296365/cyprus-president-warns-of-difficult-days/

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