Cyprus fails to back emergency fiscal package

The Finance Minister of Cyprus Kikis Kazamias failed to win political backing for an emergency fiscal package in August 2011 aimed at averting a bail-out by its eurozone partners.

Kikis Kazamias, who took over the post after the communist-led coalition government collapsed earlier in August 2011, was seeking approval for €250m of tax increases to be voted through parliament immediately, to be followed by spending cuts that would be announced in September 2011.

ESO: Background information: Economist to lead new Cyprus cabinet http://www.europeansources.info/record/economist-to-lead-new-cyprus-cabinet/

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