Cyprus presidential election to go to second round

PanARMENIAN.Net - The presidential election in Cyprus will go to a second round on February 24 after frontrunner Nicos Anastasiades fell short of the 50% needed for an outright majority, according to BBC News.

With all the votes counted, Anastasiades, a conservative, secured 45.46%, well ahead of his nearest rival, Stavros Malas, on 26.91%. Independent George Lillikas got 24.93%.

The election has been dominated by the financial crisis. Cyprus was the fifth eurozone state to ask for a bailout.

Initial exit polls had put support for Anastasiades at an average of 51.1%, within a range of 49% to 52%.

Anastasiades and Malas, backed by the left-wing Akel party, will now contest the run-off vote.

Shut out of the international financial markets, the cash-strapped government was forced to seek financial help after Cypriot banks suffered huge losses as a result of the restructuring of Greece's sovereign debt.

It has requested some 17bn euros ($22.7bn) from the European Union and International Monetary Fund - a small amount in comparison with other rescues but roughly equal to Cyprus's gross domestic product (GDP). The priority for the winner of Cyprus's election will be to finalise the bailout.

Before the vote, Anastasiades said he would support the austerity measures which would come with a rescue package, adding that the election was about "the survival of the country".

Negotiations have been stalled by disagreement between the EU, IMF and the outgoing President Demetris Christofias, leader of the communist Akel party, over how to address the country's debt and who should pay.

The new president will face pressure to restart talks with the Turkish community in the North, cut off since the island was divided in 1974.

A vast amount of gas has recently been found in Cypriot waters. It may have to be pumped into Europe through Turkey, providing Cyprus with an economic lifeline and a chance for reconciliation.