Cyprus News Agency: News in English, 10-07-14

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] MINISTER OF FINANCE CYPRUS ECONOMY

[01] MINISTER OF FINANCE CYPRUS ECONOMY

Speaking at Larnaka airport, on his return from Belgium, where he participated in the EU Economic and Financial Affairs Council (ECOFIN), Stavrakis said that the only way to achieve growth and prosperity is with budget purification.

Replying to a question on how the government will find the 300 million euro needed to reduce fiscal deficit, Stavrakis said that great efforts are being made by the government to reduce public expenses and restrain the salaries of public servants.

For the first time there is a reduction of the number of public servants, which is a very positive development for the Cypriot economy, he pointed out.

Stavrakis said that the government is also making efforts to reduce those functional public expenses, which are considered as not necessary and not productive.

He recalled that the Council of Ministers has recently approved a series of budgetary cuts amounting to 80 million euro.

The EU Economic and Financial Affairs Council (ECOFIN) decided Tuesday to begin an excessive deficit procedure for Cyprus, Finland, Bulgaria and Denmark.

The ECOFIN said that 2012 is the Cypriot government`s deadline to bring the budget deficit below 3% of GDP. According to the data given by the Cypriot authorities in April, Cyprus deficit reached 6.1% of GDP in 2009.

ECOFIN urged Cyprus to limit its deficit to 6% by the end of 2010 and then reduce it by 1,5% of GDP yearly until it reaches below 3% in 2012 the latest.

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