Cyprus Parliament Approves Bailout-driven Budget
NICOSIA, Cyprus (AP) â¿¿ Cyprus' lawmakers have overwhelmingly approved the 2013 state budget amid efforts to finalize a bailout deal with international lenders in order to rescue the country's troubled banks and pay its bills.
The budget incorporates deep spending cuts and tax increases that were agreed in talks with the European Commission, the European Central Bank and the International Monetary Fund. Lawmakers approved about two dozen such measures in the days leading up to Wednesday's budget vote.
Cyprus' â¿¬17.5 billion ($23 billion) economy is projected to shrink 3.5 by percent of gross domestic product and unemployment to reach 13.7 percent next year.
A draft version of the bailout stipulates spending cuts of 7.25 percent of GDP and a budget surplus target of 4 percent of GDP by the end of 2016.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV