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Cyprus rushes adoption of austerity measures

By Menelaos Hadjicostis
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NICOSIA, Cyprus (AP) — Cyprus’ finance minister urged lawmakers Friday to approve a first batch of spending cuts and tax hikes agreed with international creditors by Dec. 13, when the other 16 EU countries that use the euro are expected to discuss a bailout deal.

Vassos Shiarly said the only element left to determine in the bailout accord with the ‘troika’ of the European Commission, the European Central Bank and the International Monetary Fund is how much cash troubled Cypriot banks need. The banks need to replenish their reserves after taking huge losses of around €4.5 billion ($5.84 billion) on bad Greek debt and loans.

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