02 October 2012 18:47

NICOSIA: Cabinet will meet again on Wednesday to finalise the government's proposals on measures to satisfy bailout conditions expected to be imposed by the Troika (European Commission, European Central Bank and the the International Monteray Fund). These will then be discussed with political party leaders on Friday, government spokesman Stefanos Stefanouy has said.
The Council of Ministers discussed the measures, many of which will be included in the 2013 state budget on Monday, but the talks are on going. Stefanou would not give details on the package of measures but said that everyone must contribute, adding that low income and vulnerable groups will be "protected".
The package has three main pillars, based on the decisions of the EU Councils of January and June, he said. These are fiscal consolidation, tackling structural problems and supporting social cohesion.
"The measures were formulated based on the capacity iof the state and taking into consideration the conditions in which we operate."
The government is reported to be looking for an extra 975 million euro through a comibination of savings and revenue generating measures.
Debate has focused round Cyprus's automatic indexation of wages known as Cola, as well the 13th salary paid at Christmas. But wage cuts as well as other austerity measures are widely expected to be introduced.


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