Cyprus Bailout | Rejected Privatisation Bill Risks Bailout

Cyprus Bailout – Rejected Privatisation Bill Puts Bailout at Risk

The south’s MPs have voted against a privatisation bill which was conditional for the next EU and IMF bailout funds payment. There were 25 votes for, 25 against and 5 abstentions. DISY MPs, who are about to leave the coalition government, abstained because their proposed amendments safeguarding jobs and benefits at privatised companies were rejected.

A spokesperson for the government said the Cabinet would meet today to try “to forestall unpleasant developments and to maintain the country’s economic recovery and stabilization.”

Approval of the plan was essential for Cyprus rceive about 236 million euros in aid next month.

What a surprise! The south has a habit of agreeing to favourable deals and then failing to keep the promises which go with them, e.g. in 1960 and 2004.

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