Saturday April 18, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus socialists sit on fence in runoff vote

Cyprus's socialist party sat on the fence on Tuesday for upcoming elections closely watched by investors as the island teeters on the brink of default, saying it could not back either candidate in a presidential runoff scheduled for February 24.

Sunday's vote pits Nicos Anastasiades, a conservative in favor of a swift bailout deal with international lenders, against Communist-backed Stavros Malas, who supports a bailout but with fewer austerity measures.

Both must lure more voters from the political centre to get ahead, even though Anastasiades is a clear favorite with an 18-point lead over Malas.

EDEK, the small socialist party which supported third-placed independent George Lillikas who gleaned 25 percent of the Feb 17 vote, said it wouldn't back either remaining candidate.

"The positions (of the party) ... do not permit it to position itself in favor of a candidate in the second round of the presidential elections,» EDEK spokesman Demetris Papadakis said.

Papadakis said it was a unanimous decision of party members which would be put to EDEK's decision-making committee scheduled to meet on Thursday.

Investors are closely watching Sunday's vote, worried that continued delays in Cyprus clinching a desperately needed financial bailout could trigger further economic turmoil in the eurozone periphery just as it was beginning to recover.

The island's bid for international financial support, made eight months ago, has been delayed by an incumbent leftist government slow to negotiate bailout terms, worries by lenders over the island assuming a mountain of debt it may not be able to afford to repay and German charges that Cypriots are lax on tackling money-laundering.

Cyprus sought aid after its banks suffered huge losses on exposure to a restructuring of Greek sovereign debt, and difficulties in accessing international capital markets shut to it because of fiscal slippage since mid-2011.

Positions of both candidates, Papadakis said, were not «in alignment» with the positions of EDEK. He did not elaborate.

EDEK, which has a support base of 9 percent based on the 2011 parliamentary election results, is the only party officially supporting Lillikas. His remaining support base is thought to come primarily from dissidents within the centrist Democratic Party, which officially supports Anastasiades.

Lillikas, who has said he would announce his own decision on whether to back a candidate on Friday, has been critical that terms of a bailout deal now under discussion with the European Union and the International Monetary Fund could be too harsh.

Under its outgoing Communist government, which now backs Malas, Cyprus has introduced public sector pay and benefits cuts along with tax increases in anticipation of a bailout.

Incumbent President Demetris Christofias, elected in 2008, is not seeking a second term.

[Reuters]

ekathimerini.com , Wednesday February 20, 2013 (12:45)  
Krugman advises against ‘nightmare’ euro exit
Brussels Group due to meet in wake of Obama’s call for Greek reforms
Crackdown on uni sit-in deepens rifts in SYRIZA
Greece, Cyprus hope for progress in peace talks
ECB examines possible Greek IOU currency in case of default, sources say
The European Central Bank has analysed a scenario in which Greece runs out of money and starts paying civil servants with IOUs, creating a virtual second currency within the euro bloc, peopl...
New bank programs to contain bad loans
Local banks are offering new programs for the settlement of outstanding loan payments, providing for the postponement of debt payment for up to 10 years. The new programs will likely become ...
Inside Business
BASKETBALL
Triumph for Olympiakos at Barcelona
Olympiakos produced its best away performance so far this season to defeat host Barcelona 76-63 on Friday and snatch the home advantage in the Euroleague play-offs. The Reds have now tied th...
BASKETBALL
Another heavy loss for improved Panathinaikos in Moscow
Panathinaikos raised its performance since Tuesday but still suffered a 20-point loss at CSKA Moscow on Thursday to find itself trailing 2-0 after Game 2 of the Euroleague play-offs. Having ...
Inside Sports
COMMENTARY
The Armenian genocide and Hagia Sophia
Pope Francis’s declaration that the slaughter of Armenians by Ottoman forces 100 years ago was “the first genocide of the 20th century” will hasten the conversion of the Hagia Sophia museum ...
EDITORIAL
Crime against education
The government’s plans for Greek state universities are nothing short of criminal. It took decades for us to mature enough as a society and for Parliament to accept, with an unprecedented ma...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Triumph for Olympiakos at Barcelona
2. Krugman advises against ‘nightmare’ euro exit
3. Brussels Group due to meet in wake of Obama’s call for Greek reforms
4. Crackdown on uni sit-in deepens rifts in SYRIZA
5. Greece, Cyprus hope for progress in peace talks
6. Komotini mosque damaged by fire, arson suspected
more news
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Putting off payments led to Q1 budget primary surplus
3. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
4. Greek finance minister says cannot sign existing loan deal
5. Greece enters twilight zone as visions of euro exit take shape
6. Fourteen face charges after police enter Athens University grounds, ending sit-in
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greece and lenders head back to technical talks
3. Contraband is big business in Greece
4. FYROM push expected at EU meeting
5. Islands of eastern Aegean struggle as migrant influx triples
6. Greek finance ministry hits back at German newspaper report
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.