06 December 2013 09:22

NICOSIA,— The Cypriot government said on Thursday that  the privatization of state-owned companies will start in two years, when the bailed-out country's economy is projected to start growing again.
Government spokesman Christos Stylianides said  first in line for privatization is the Cyprus Telecommunications Authority.The government will retain some ownership stakes, workers' rights will be safeguarded and t employees in companies up for sale may have the option to buy shares, he added.
He was speaking after Cabinet approved a roadmap or the privatizations, one of the conditions for the payout of additional bailout money.
Cyprus's financial rescue deal in March with other eurozone countries and the International Monetary Fund obliges the country to raise 1.4 billion euros ($1.9 billion) from privatizations and other means.


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