Parliament late on Thursday approved the island’s first post-bailout 2014 budget which provides for deep spending cuts of 10% to ensure Nicosia meets its bailout targets.
The budget was approved with 30 votes in favour (Disy, Diko, Evroko) 20 against (Akel, Greens and Citizens Alliance) and four abstentions (Edek). The amendments approved include a 7% cut (€24.5 million) in the state’s running costs.
Around €626 million has been shaved off the budget compared to the one for 2013.
Net expenditure, minus interest payments, will reach €5.59 billion next year compared to €6.22 billion provided for in the 2013 budget.