ECONOMY

Nicosia sets tougher fiscal targets

Nicosia announced on Thursday tougher 2014 fiscal targets than those set by international lenders, and said a recession on the bailed-out island may not be as deep as initially feared.

A draft budget approved by the island’s cabinet on Thursday sees spending for 2014 slashed by 10 percent versus 2013 figures, focused on cutting benefits and pensions. [Reuters]