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President Christofias says “no” to privatisation

3 January 2013

Greek Cypriot President Christofias, has said he would refuse any request by international lenders to sell off state-owned companies as part of a finalized agreement to bail out Cyprus.

A draft of the bailout deal by the rescue creditors — the European Commission, the European Central Bank and the International Monetary Fund — says Cyprus will have to consider privatisations if it’s debt is deemed unsustainable.

“I hope that when discussions conclude they won’t ask us to privatise state-owned organizations because if they do, and I want to make this perfectly clear, I have no intention to proceed as president of the republic with such a move,” he said.

President Christofias will not be standing for re-election to the presidency in February.

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