Saturday Jan 31, 2015 Search
Weather | Athens
16o C
13o 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)  
ECBs Constancio signals Greek waiver may end if program dropped
Greece starts countdown to cash crunch saying bailout over
How Greece can run out of cash and what ECBs Draghi can do
Varoufakis to meet French counterpart on Sunday
Europe waits for proposals from Athens
European officials believe that there is scope for an agreement with the new Greek government but that Athens will have to accept a compromise on its demands. Officials in Brussels told Kath...
Notes provide more clues on prison breakout scheme
Police have found handwritten notes exchanged between 22-year-old Angeliki Spyropoulou and jailed members of the Conspiracy of the Cells of Fire at a safe house in Loutraki, west of Athens, ...
Inside News
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldnt buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
COMMENTARY
Unyielding truth
Finance Minister Yanis Varoufakiss recent statement that growth does not mean having Porsche Cayennes in the narrow streets of Greece has made something of an impression and is now being ...
EDITORIAL
This is not a game
Greeces negotiations with its partners and creditors must be conducted in such a way as to safeguard the countrys real economy, a vital sector which prior to the elections had appeared to ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Europe waits for proposals from Athens
2. Notes provide more clues on prison breakout scheme
3. Drug prices are falling but volume sold remains high
4. Tsipras plays down chance of rift
5. Ex-revenues chief Theoharis claimes political interference
6. Journalist to head Greeces National Intelligence Service
more news
Today
This Week
1. US to work closely with Greece and EU to resolve differences, says White House
2. Merkel rejects debt writedown for Greece
3. Greek bank debt plummets as investors head for the exit
4. Greek markets plunge as SYRIZA digs in on challenge to austerity
5. Tsipras says Greece to repay ECB, IMF, reach deal with euro area
6. Greece seeks EU allies but Germany holds firm
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. EU must accept that Greek debt relief is inevitable
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.