// IP Marketing video - START// IP Marketing video - END

Int’l Cyprus bailout efforts thrown into doubt as privatisation bill fails

Int’l Cyprus bailout efforts thrown into doubt as privatisation bill fails

PanARMENIAN.Net - International efforts to bail out Cyprus' debt-laden economy have been thrown into doubt after its parliament rejected a key part of the plan, BBC News reported.

As part of the 10bn-euro ($13.7bn) deal with the EU and International Monetary Fund, lawmakers have until 5 March to pass a bill allowing state firms to be privatised.

But on Thursday, Feb 27 they threw it out, jeopardising the next tranche of cash.

The government says it will re-submit the bill with some amendments.

The deal was agreed in March last year in an attempt to stave off the collapse of Cyprus's banking sector and the wider economy.

It included moves to restructure the banks, along with other measures such as tax rises and privatisations.

Late on Thursday, the privatisation bill was narrowly defeated after parliament split 25-25 on the vote, with five abstentions. This meant the legislation failed to pass.

The vote took place as hundreds of people opposed to privatisation staged a protest outside the parliament building.

A government spokesman, Christos Stylanides, said the bill would be amended to reflect concerns over workers' rights after privatisation.

He said the new version would be submitted to the House of Representatives on Friday.

Related links:
 Top stories
It has been agreed that Iran’s gas export volume to Armenia and dispatch of electricity from Armenia back to Iran should grow as of 2018.
Behzad Babazadeh said that the Armenian side wants imported gas from Iran to be increased from 1 mcm to 1.6 mcm.
The event was timed to coincide with the visit of a 10-strong delegation of prestigious UK companies led by Mark Pritchard MP.
The two-day intensive programme includes meetings with Armenian high level state authorities and business representatives
Partner news