13 October 2012 10:59

NICOSIA - President  Christofias is meeting trade union leaders today in a bid to build consensus over the government's counter-proposals to the Troika's bailout  measures. Chritofias will meet the leadership of SEK, PEO, DEOK and the civil servants union Pasydy amid mounting concerns over the impact cost cutting measures will have as Cyprus struggles under a deep economic crisis.
Top finance ministry officials are meanwhile meeting with political parties in the run -up to Monday's meeting between the president and political party leaders on the measures.
On Thursday, government spokesman Stefanos Stefanouu announced that cabinet had approved a 300 million euro package to boost growth and create jobs. He said a singificant part of the money would come from revenue from Cyprus' second offshore gas licensing round.
Cyprus applied in late June for financial support from the European Stability Mechanism, in a bid to recapitalse its banking sector heavily exposed to the Greek economy and to cover its refinancing needs. The adjustment programme is said to be concluded with the Troika representatives by the next Eurogroup meeting on November 12.
The Troika representatives are expected to return to Cyprus in the second half of October. The government has drafted a comprehensive fiscal consolidation package which will act as a counter-proposal to adjustment programme proposed by the Troika during their third visit to the island in the second half of October.


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