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Cyprus cabinet approves budget, withholds figures until bailout talks with troika complete
NICOSIA, Cyprus – Cyprus’ government has approved the state budget for next year, but is not releasing any figures in light of the country’s ongoing talks with its potential creditors for a bailout.
Cyprus government spokesman Stefanos Stefanou says the “tight” budget incorporates additional spending cuts and further shrinks the bloated public sector while channeling funds for growth-boosting infrastructure projects.
He told reporters Saturday that budget figures are being withheld because they will change once bailout terms and conditions agreed with the European Commission, the European Central Bank and the International Monetary Fund are adopted.
Cyprus in June joined fellow eurozone members Ireland, Portugal and Greece in seeking international aid to support its banks, which suffered huge losses as a result of their exposure to Greece.
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