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TheStreet Open House

Cyprus Chooses President As Bailout Deal Looms

By MENELAOS HADJICOSTIS

NICOSIA, Cyprus (AP) â¿¿ Cyprus heads into a runoff presidential election next weekend, with voters called on to select who will lead the country through a severe financial crisis after no candidate won an outright majority in Sunday's vote.

Nicos Anastasiades, a right-winger who presented himself as the most capable to negotiate a bailout with Cyprus' European partners and who went into the election a strong favorite, won the first round with just over 45 percent of the vote. But he fell short of the 50 percent plus one vote needed for an outright victory.

In the Feb. 24 runoff, he will face Stavros Malas, a left-winger who has advocated being more assertive in negotiations for bailout loans to limit the severity of austerity measures they require.

Final results Sunday night showed Anastasiades winning 45.46 percent, well ahead of Malas' 26.91. Independent Giorgos Lallikas was a close third with 24.93 percent, and was eliminated from the running.

The change in leadership, after unpopular President Dimitris Christofias said he would not seek re-election, comes at a crucial juncture for Cyprus. The other 16 countries that use the euro are expected to decide next month on a financial lifeline for the tiny country of less than a million people.

Many had criticized Christofias and his communist-rooted AKEL party for a shrinking economy and 15 percent jobless rate, as well as having mishandled events that led to a deadly explosion of seized Iranian munitions that wrecked the island's main power station.

"What we can deduce from this strong election result it that the overwhelming majority of people have expressed their demand today to rid the country of a government run by the AKEL leadership," Anastasiades told supporters.

Malas said, "Together, we can counter the crisis without having society endure tough policies." Malas' support from AKEL is seen as his main liability.

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