Cyprus approves budget as bailout talks continue

Published September 22, 2012 3:44pm ET



NICOSIA, Cyprus (AP) — Cyprus approved next year’s budget Saturday without releasing any figures because of the country’s ongoing bailout talks with potential creditors.

The “tight” budget incorporates additional spending cuts, slashes an additional 1,000 positions from the bloated public sector by hiring to fill only a quarter of jobs vacated by retiring workers, while channeling funds for growth-boosting infrastructure projects, government spokesman Stefanos Stefanou said.

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