Economy: Cyprus facing national crisis, Finance minister

02 August, 14:39

(ANSAmed) - NICOSIA, AUGUST 2 - Cyprus' minister of Finance Vasos Sharly has said that the Cypriot public are now facing a national crisis, which would require everyone's contribution in order to be overcome. Sharly, as Famagusta Gazette reports, told the state network CyBC that wages, pensions and 13th salaries were all on the table as the government negotiates with the Troika delegation consisting of technocrats from the European Commission, the IMF and the European Central Bank. Potential creditors from the IMF, EU and ECB started trawling through Cyprus's finances last month to assess how much emergency aid the island may need after being hammered by exposure to Greece.

Sharly said that a memorandum, detailing measures the island will have to take in order to receive an EU-IMF bailout, will likely be ready in September. The Minister did not reveal the amounts being discussed. Meanwhile, PASIDY Union General Secretary Glafkos Hadjipetrou has warned that impending austerity measures on the island will degenerate the standard of living of the working class. (ANSAmed).

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