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Cyprus to Propose 900 Million Euros of Cuts to Troika, CyBC Says

The Cypriot government, shut out of markets since May 2011, will propose 900 million euros ($1.2 billion) of budget savings as part of its negotiations for an international bailout, CyBC radio reported.

The measures, which include public-sector wage and pension cuts and extended working hours for civil servants, are part of the government’s counter-proposal to the so-called troika that oversees the bailouts, comprised of officials from the European Commission, the European Central Bank and the International Monetary Fund, the Nicosia-based state-owned radio station reported today without saying where it got the information.

The Cypriot proposal, which also includes an overhaul of wage indexation, will be submitted to the troika before rescue talks resume in early October, CyBC said.

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