Saturday, July 12, 2014

Cyprus president: no privatization in bailout deal

February 20. 2013 12:29AM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) Cyprus' president says he would refuse any request by international lenders to sell off state-owned companies as part of a finalized agreement to bail out the crisis-hit country.

Dimitris Christofias said Wednesday he has no intention of consenting to privatizations. A draft of the bailout deal with the European Commission, the European Central Bank and the International Monetary Fund says Cyprus will have to consider privatizations if it's debt is deemed unsustainable.

Cypriot banks, which took huge losses on bad Greek debt and loans, are estimated to need up to 10 billion ($13.19 billion) in rescue money. That's more than half the country's economy, raising questions whether the government will be able to handle the debt. Cyprus' eurozone partners will decide on the country's bailout deal on Jan. 21.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds