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Cyprus News Agency: News in English, 11-12-08

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] President to attend EU Council
  • [02] House debates fiscal consolidation bills
  • [03] Spokesman: Economic measures will secure 923 million euros

  • [01] President to attend EU Council

    President Demetris Christofias has left for Brussels, in order to participate in what has been described as a crucial summit of the European Council.

    The summit is pivotal to the future of the Eurozone, and the economic crisis will be the main topic of discussion.

    EU leaders are expected to exchange views on the reflections by the euro area member states on the strengthening of economic convergence within the euro area, on improving fiscal discipline and deepening economic union, including exploring the possibility of limited Treaty changes.

    In the margins of the European Council, the Accession Treaty with Croatia will be signed.

    The European Council will begin with a working dinner.

    [02] House debates fiscal consolidation bills

    The bills on fiscal consolidation, approved by the Cabinet, are brought before the House of the Representatives on Thursday.

    The House plenary will probably last the whole day. The Minister of Finance Kikis Kazamias is scheduled to address the plenary in the afternoon to present the 2012 state budget.

    The bills include, inter alia, a freeze of salaries in the public sector for two years, an increase of the tax rate on profits from 17% to 20%, a rise in the standard VAT rate from 15% to 17% and a social dialogue for a more just redistribution of Cost of Living Allowance (COLA).

    These measures were decided during a meeting between the President of the Republic and the political parties last week, after which the Government Spokesman announced that a broad consensus was reached.

    [03] Spokesman: Economic measures will secure 923 million euros

    A total of 923 million euros will be secured on behalf of the state by increasing revenue and reducing expenditure for the period 2011-2014, Government Spokesman Stephanos Stephanou has said, noting at the same time that the total fiscal size of all the financial measures that have been proposed and approved is based on a expense : revenue ratio of 3:1.

    Stephanou was speaking after a Council of Ministers meeting, chaired by President of the Republic Demetris Christofias, to discuss the bills for the budget measures decided at the meeting held last Friday at the Presidential Palace between President Christofias and political party leaders.

    The measures concern, among others, the contribution of employees of the broad public sector by freezing salaries for two years, the extraordinary contribution of private sector employees based on the scales and rates which apply to civil servants, also for two years.

    The extraordinary contribution of civil servants with a monthly income of up to 2.5 thousand euros is being terminated.

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