Cyprus MPs unanimously back austerity

The people of Cyprus had a first taste of austerity in December 2012 as parliament voted unanimously to back tax increases and salary cuts to meet the terms of a bailout agreed in principle with international lenders.

President Demetris Christofias admitted the memorandum he agreed with a troika of international lenders would require 'painful sacrifices by the workers and our people'. But the president said he had no choice.

ESO: Background information: Cyprus expects EU bailout deal in next 10 days http://www.europeansources.info/record/cyprus-expects-eu-bailout-deal-in-next-10-days/

European Commission: DG Economic and Financial Affairs: EU Economic Situation: Economies of the Member States: Cyprus http://ec.europa.eu/economy_finance/eu/countries/cyprus_en.htm

European Commission: RAPID: MEMO/12/893: Statement by Vice-President Rehn on Cyprus : http://europa.eu/rapid/press-release_MEMO-12-893_en.pdf

European Commission: RAPID: MEMO/12/891: Statement by the EC, ECB, and IMF on the Mission to Cyprus http://europa.eu/rapid/press-release_MEMO-12-891_en.pdf

http://www.imf.org/external/country/CYP/index.htm http://www.imf.org/external/country/CYP/index.htm

Spiegel Online International, 10.12.12: Cyprus Makes Big Concessions for Bailout http://www.spiegel.de/international/europe/cyprus-makes-big-concessions-for-bailout-a-871938.html

Spiegel Online International, 20.12.12: IMF Demands Partial Default for Cyprus http://www.spiegel.de/international/europe/imf-demands-cyprus-debt-haircut-as-precondition-for-aid-a-874085.html

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