cyprus unveils workfare measures to ease bailout shock
Last Updated : GMT 17:47:06
Arab Today, arab today
Arab Today, arab today

Cyprus unveils workfare measures to ease bailout shock

Arab Today, arab today

Arab Today, arab today Cyprus unveils workfare measures to ease bailout shock

Nicosia - AFP

Cyprus President Nicos Anastasiades unveiled a package of measures on Friday aimed at keeping Cypriots in employment as the massive costs of a eurozone bailout deliver a huge blow to the island's economy. The conservative president said those who do not actively seek work will not qualify for state benefits but that his government would seek to cushion the blow for those who do on an island where the jobless rate has traditionally been low. He said he would also review longstanding political taboos on the island in a drive to boost the economy, including the possibility of legalising casinos, anathema to the island's powerful Orthodox Church. With mounting pressure for Cypriots to be given priority in the work place, which would risk breaking EU rules, Anastasiades was careful to say job-creation schemes would be open to all "legal and permanent residents of Cyprus over the past five years." But he stressed that the island would also stop being a "migrants' paradise" and that benefits to asylum seekers would be "significantly reduced," with cash payments for food and clothing replaced by a coupon system. He said state benefits would also be withdrawn from those who do not actively look for work. Anastasiades said the state would rehire 800 contract workers while investing 21 million euros to subsidise salaries by 40 percent for 6,000 registered jobless who would be given work in the key tourism industry. Companies will also be given 25 percent in tax breaks for every new person they hire in the next year while the unemployed who work from home will have their salaries subsidised by 65 percent. Anastasiades said he will also explore the possibility of legalising a small number of large casinos in government-held areas of the Mediterranean holiday island, on which Turkish Cypriots in the breakaway north have long profited from gambling. The president said he understood the huge sacrifices that Cypriots were being called on to make in return for an emergency loan of 10 billion euros ($13.1 billion) from international creditors but called on everyone to accept that there was no choice but for the island to come up with the rest of the 13 billion euro costs. "Undoubtedly there are more difficult tests ahead which is why I urge patience and understanding from everyone," he said in a televised address. "I want to stress that in order to succeed in restarting the economy and exiting the crisis as soon as possible, can only be achieved by sticking to the obligations we have undertaken in the loan agreement." His comments come as the bailout deal remains in the political balance after the island's top law official ruled it must be ratified by a deeply critical parliament. Just one MP has openly declared that he will vote down the agreement, which has already undergone ratification by other EU parliaments, but the opposition communist and socialist parties have declared strong reservations about the terms. Cyprus has been forced to agree to drastically reduce the size of its once lucrative banking sector, raise taxes, cut its public sector workforce and privatise state-owned utilities. That has put an extra burden on an economy already in recession and expected to shrink further. Unemployment stands at around 15 percent and is expected to grow sharply this year and next. A eurozone Cyprus assessment is forecasting gross domestic product to plunge by 8.7 percent in 2013, led by a whopping 13.9 percent drop in domestic demand, and to fall another 3.9 percent next year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cyprus unveils workfare measures to ease bailout shock cyprus unveils workfare measures to ease bailout shock

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cyprus unveils workfare measures to ease bailout shock cyprus unveils workfare measures to ease bailout shock

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday