Thursday October 23, 2014 Search
Weather | Athens
24o C
14o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus approves privatizations needed for bailout

By Michele Kambas

Cyprus's parliament approved plans for privatizations on Tuesday, averting a showdown with international lenders who insist on state selloffs as part of a 10 billion-euro ($13.77 billion) bailout.

In a show of hands, 30 lawmakers in the 56-member parliament endorsed a guideline for asset sales just before a deadline for approval expired on March 5.

Parliament's rejection of an earlier privatization motion on February 27 risked derailing the bailout accord with the European Union and International Monetary Fund in March 2013.

Approval of privatization plans were essential for Cyprus to get a new tranche of aid from the EU and IMF by the middle of March. Cyprus has received about half its bailout money and expects another 236 million from both lenders, a fourth tranche, this month.

Left-wing parties rejected the plans, which call for converting the island's electricity, telecoms and ports utilities into joint-stock companies and seeking out strategic investors. It was supported by the ruling right-wing Democratic Rally party and a centrist party.

The initial blueprint was modified to accommodate concerns about the legacy rights of workers moving into new privatized entities.

"This is not the end of the road. This motion sets out the process of privatizations, and does not address the essence of the matter," said Nicolas Papadopoulos, the head of the centrist Democratic Party, who voted for the legislation. He said parliament would be actively engaged in vetting the process.

About 1,000 employees of corporations affected staged a low-key protest outside parliament in central Nicosia.

"It's the principle - we are strongly against disposal of state property," said Andros Kyprianou, the leader of the main opposition communist party AKEL. "We cannot give in to blackmail."

Under terms of Cyprus's three-year bailout accord with lenders, it is expected to raise up to 1.4 billion euros from the asset sales to pay down debt by 2018. [Reuters]

ekathimerini.com , Tuesday March 4, 2014 (15:46)  
Athens weighs its LNG and CNG options
Greece ranks among global leaders in tourism growth
Global oil price drop sends local fuel prices back to 2010 levels
Buy big house, become a citizen
Cyprus seeks EU response over Turkey´s EEZ violation
Cyprus is to raise the issue of Turkey’s violation of its exclusive economic zone (EEZ) at Thursday’s European Council meeting after Turkish Prime Minister Ahmet Davutoglu raised the specter...
Thirteen indicted for inmate torture
Thirteen correctional officers and their former warden will stand trial in Serres, northern Greece, over the death of Albanian inmate Ilie Kareli on March 27 at Nigrita Prison. Kareli was tr...
Inside News
SOCCER
Roberto´s heroics make Kasami´s goal count
Pajtim Kasami’s goal and Roberto’s heroics in goal saw Olympiakos claim one of the biggest wins in its history on Wednesday downing Italian champion Juventus 1-0 to boost its chances of reac...
SOCCER
Third-division Iroditos punished heavily after fan death
Greek third division team Irodotos has been docked 15 points and ordered to play 10 matches behind closed doors following the death of an Ethnikos Piraeus supporter, the Hellenic Football Fe...
Inside Sports
COMMENTARY
Careful what you wish for
Everyone is in a rush to become prime minister in this country, as if they have not learned a single thing from its political history. While still in opposition, PASOK’s George Papandreou ma...
EDITORIAL
Taking care of our key industry
It’s time to face facts: Tourism is the country’s heavy industry. The sector’s considerable contribution has served as a stabilizing factor for the local economy, essentially placing the cou...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Roberto´s heroics make Kasami´s goal count
2. Athens weighs its LNG and CNG options
3. Greece ranks among global leaders in tourism growth
4. Global oil price drop sends local fuel prices back to 2010 levels
5. Buy big house, become a citizen
6. Cyprus seeks EU response over Turkey´s EEZ violation
more news
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Cyprus to block Turkey's EU talks after EEZ violation
3. EU’s Juncker wins Commission-team approval with investment vow
4. Juncker’s EU commission team set for parliamentary green light
5. Taprantzis resigns from privatization agency TAIPED
6. Fallen tree, smashup cause traffic jams in Athens
Today
This Week
1. Istanbul skyscraper casts shadow over Greece's banking ambitions
2. Coalition shooting itself in the foot
3. Greece’s closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. The past, present and future of the Greek debt crisis
6. Samaras’s crumbling Greek exit lacks backing from economists
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.