Cypriots Protest against Bailout Austerity Measures
Hundreds of Cypriots protested on Saturday against harsh austerity measures imposed since the eurozone country agreed a tough bailout agreement in March.
Demonstrators from mainly leftwing unions, students and others gathered outside the finance ministry and marched on the presidential palace to voice their anger at a steep fall in the standard of living.
Many Cypriots are also disgruntled over record unemployment of around 17 percent that is expected to rise to 20 percent next year, a planned sell-off of state-run utilities and the prospect of homes being repossessed by banks.
Under the terms of the bailout agreed with the troika of international lenders, Cyprus has endured tough austerity measures aimed at getting it its debt-ridden economy back on track.
The 10-billion-euro bailout deal also included the closure of the island's second largest bank Laiki and a 47.5 percent "haircut" on deposits above 100,000 euros at the main lender, the Bank of Cyprus.
Employees in the private and public sector have seen their salaries and pensions slashed while taxes have increased and more than 40,000 Cypriots now rely on food parcels.
The 2014 budget expected to be approved next week provides for a further 10 percent cut in public spending compared with 2013.
Protesters shouted slogans against the troika and sell-off of state utilities., while banners read: "No to austerity: we have a right to work."
Since the bailout was agreed there have been few large-scale protests or strikes, but as austerity begins to bite Cypriots are becoming more agitated.
Source: Agence France Presse
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