Austerity reality sets terms of a balancing act in Cyprus

The reality of things to come in the austerity era that Cyprus has been ushered in has been laid bare by Finance Minister Harris Georgiadis.

Dashing any illusions and hopes of limited pain, Georgiadis emphasised that the 2014 budget, the first one after the fiscal memorandum of understanding signed with the troika of creditors, will feature significant spending cuts.

In a repetition of developments in Greece and other periphery countries of the eurozone, the minister admitted that there could be further reduction in the public sector bill, although he attempted to reassure civil servants by saying that the savings could come from freezing recruitment.

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