Royal Institute for Traditional Arts launches training on Al-Qatt Al-Asiri art    Nearly 2 million worshippers prayed in Rawdah at Prophet's Mosque during Hajj 1446    Saudi Arabia expands tech talent schools to five regions for 2025    Aubameyang exits Al Qadsiah as club turns to youth with Retegui signing    France withdraws troops from Senegal, ending military presence in West Africa    Germany's Merz and UK's Starmer sign 'first of its kind' defense and migration treaty    Norway leads Europe's best airports list    Syrian forces leave Sweida after ceasefire with Druze militias goes into effect    Main stage at Belgium's Tomorrowland music festival completely destroyed by fire    Sports vehicles can have now short number plates    Saudi Arabia draw Iraq and Indonesia in 2026 World Cup Asian play-off group    Saudi conjoined twins Yara and Lara successfully separated in 12.5-hour surgery    Babies made using three people's DNA are born free of hereditary disease    'Art of the Kingdom' exhibition to open in Beijing's National Museum on July 30    Saudi minister holds strategic AI and tech talks with French institutions in Paris    ASICS and Saudi Sports for All launch startup pitch to boost sports innovation in Saudi Arabia    Youth-led Saudi businesses exceed 474K    Scientists recover proteins from a 24 million-year-old rhino fossil    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Cyprus president calls on unions to back austerity
Published in The Saudi Gazette on 13 - 10 - 2012

NICOSIA — Cyprus' president Friday appealed to trade unions to rally behind tough austerity measures that the government wants to negotiate with potential creditors in return for a multi-billion euro bailout loan to prop up the country's ailing banks and economy.
Dimitris Christofias met with trade union leaders, who have reacted angrily to the proposed public sector salary cuts and tax hikes they say are unfairly being foisted on workers and would deepen the recession rather than spurring growth.
Cyprus asked the European Commission, the European Central Bank and the International Monetary Fund for aid in June to support a banking sector reeling from its large exposure to debt-crushed Greece. The so-called ‘troika' wants the government to slash spending by roughly €1 billion ($1.29 billion) before signing off on a bailout deal.
Christofias is asking trade union leaders to “act patriotically” and bite the bullet on the measures to stave off possible social unrest. He's also meeting opposition leaders to get their support, but many have criticized the measures as being inadequate.
“Everyone agrees that we must all strive for a common line, trade unions and political parties, so that the government can negotiate with the troika from a stronger position,” government spokesman Stefanos Stefanou said, adding that Christofias will hold another meeting with union leaders.
Stefanou said that the government and political parties are on the same wavelength regarding their opposition to some troika recommendations such as privatizing profitable state-owned companies and scrapping end-of-year bonuses and inflation-based pay rises.
Earlier this week, EU Commission President Jose Manuel Barroso urged Cypriot leaders to agree a deal and speed up bailout negotiations. The government is aiming to wrap up talks with party and union leaders in the next couple of weeks in the hope of sealing a bailout deal before the Nov.
12 meeting of euro finance ministers. That could see Cyprus receive the first batch of bailout money in December, when state coffers start to run dry.
Stefanou conceded that there “isn't a great deal of time” to wrap up discussions, but said that everyone is clear about the issues and what's at stake.
“I believe we can conclude this dialogue soon,” he said.
Time is weighing on the government, whose request for a $6.44 billion loan from Russia — made to bolster its bargaining hand in negotiations with troika officials — has so far gone unanswered. Cyprus received a $3.22 billion loan from Moscow last year to pay its bills after it became too expensive for it tap investors. — AP


Clic here to read the story from its source.