Cyprus Adopts 2012 State Budget

Cyprus Adopts 2012 State Budget

The Cypriot Parliament adopted the 2012 state budget which sets as top priority narrowing the country's deficit to 2.4% of the gross domestic product from 6.0% currently.

The strict measures for reducing costs and increasing revenues are in response to the EU requirements for tight fiscal policy, state-run Bulgarian National Radio (BNR) reported.

The salaries in the public sector will be frozen for two years under the budget, which also scraps some beneficial payments, as well as financial aid and grants for families and students.

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