Stefanos Stefanou News
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When the leader of the Orthodox Church in Cyprus requested financial assistance for the ailing country last week, he turned east, not west.
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Chancellor Angela Merkel confronted a growing chorus of skepticism from inside and outside Germany’s coalition on bailout financing for Cyprus, possibly endangering her majority among lawmakers who will have to approve any aid.
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Officials from the European Union and the International Monetary Fund delayed a trip to Cyprus by a week to July 22, government spokesman Stefanos Stefanou said.
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Cyprus may accept an international bailout even if the conditions are “hard to accept,” government spokesman Stefanos Stefanou said, with a possible cash crunch looming next month if aid is delayed.
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The Cypriot government can meet its payment obligations while seeking an international-aid agreement that may come next month, said Finance Minister Vassos Shiarly.
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Cypriot political parties will seek agreement on a government-proposed austerity plan by Oct. 15 to clear the way for a deal with international lenders a week later, the leader of the island’s ruling party said.
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Cyprus government spokesman Stefanos Stefanou said former central bank governor Athanasios Orphanides is responsible for billions of euros in losses sustained by Cypriot banks last year.
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The Cypriot government seeks to avoid “dogmatic” austerity measures that could damage social cohesion as it prepares for talks with international lenders, spokesman Stefanos Stefanou said.
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Cyprus will make cuts in public spending worth 923 million euros ($1.2 billion) over three years if the budget is approved by lawmakers on Dec. 15, said government spokesman Stefanos Stefanou.
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Cypriot President Demetris Christofias promised to defy a demand from international lenders to rein in wages as he pushed political leaders to rally behind him before a new round of bailout talks.
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