NICOSIA, Cyprus (AP) — Cyprus insists it will resist privatizing state-owned companies, even if its public debt burden is deemed too heavy to bear once it receives an international bailout package.

Cyprus is negotiating a bailout of as much as €17 billion ($22.65 billion) — roughly equivalent to its annual economic output — with the so-called ‘troika’ of the European Commission, the European Central Bank and the International Monetary Fund.

Recommended Stories

DOJ charges 63 people with voting-related crimes day before midterm elections

Jewish voters put in spotlight in Michigan Senate race after Stevens and el Sayed feud

Talarico says he’d work with Trump to fulfill ‘promise’ of MAGA: ‘There’s still time’