Thursday, March 07, 2013 9:45 am
Cyprus opposes financial transaction tax
The Associated Press
Michalis Sarris said Thursday that cutting spending and raising revenue through investing in newfound offshore gas deposits would be better than a tax on financial transactions that is expected to be introduced several EU countries.
Sarris also rejected additional cuts to government worker wages and pensions above those included in a preliminary bailout agreement with the European Commission, the European Central Bank and the International Monetary Fund last December.
Cyprus needs around (EURO)17 billion ($22.1 billion) - as much as its annual gross domestic product - to stay afloat, raising doubts over whether it can pay off a loan.