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South Cyprus municipalities in trouble

27 March 2013

South Nicosia Mayor Konstantinos Yorgacis speaking at a press conference yesterday, stated that most of the municipalities in the south were in financial trouble and would not be able to deliver services as before.

The Mayor said that the majority of municipal funds were held in the two troubled banks (Laiki and Cyprus) and they could not get access to these. In addition he was anticipating losses on their holdings.

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