This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Cyprus President Seeks Union Backing On Austerity

MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) â¿¿ Cyprus' president appealed to trade unions on Friday to rally behind tough austerity measures that the government wants to negotiate with potential creditors in return for a multibillion euro bailout loan to prop up the country's ailing banks and economy.

Dimitris Christofias met with trade union leaders, who have reacted angrily to the proposed public sector salary cuts and tax hikes they say are unfairly being foisted on workers and would deepen the recession rather than spurring growth.

Cyprus asked the European Commission, the European Central Bank and the International Monetary Fund for aid in June to support a banking sector reeling from its large exposure to debt-crushed Greece. The so-called 'troika' wants the government to slash spending by roughly ⿬1 billion ($1.29 billion) before signing off on a bailout deal.

Christofias is asking trade union leaders to "act patriotically" and bite the bullet on the measures to stave off possible social unrest. He's also meeting opposition leaders to get their support, but many have criticized the measures as being inadequate.

"Everyone agrees that we must all strive for a common line, trade unions and political parties, so that the government can negotiate with the troika from a stronger position," government spokesman Stefanos Stefanou said, adding that Christofias will hold another meeting with union leaders.

Stefanou said that the government and political parties are on the same wavelength regarding their opposition to some troika recommendations such as privatizing profitable state-owned companies and scrapping end-of-year bonuses and inflation-based pay rises.

Earlier this week, EU Commission President Jose Manuel Barroso urged Cypriot leaders to agree to a deal and speed up bailout negotiations.

The government is aiming to wrap up talks with party and union leaders in the next couple of weeks in the hope of sealing a bailout deal before the Nov. 12 meeting of euro finance ministers. That could see Cyprus receive the first batch of bailout money in December, when state coffers start to run dry.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs