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Lenders demand deeper spending cuts from Cyprus - state TV
November 16, 2012 / 7:31 PM / 5 years ago

Lenders demand deeper spending cuts from Cyprus - state TV

NICOSIA, Nov 16 (Reuters) - International lenders negotiating a bailout with Cyprus have demanded it make spending cuts worth 1.2 billion euros, state TV RIK said on Friday, citing sources.

The European Commission, European Central Bank and International Monetary Fund had previously sought spending cuts in Cyprus of 975 million euros.

Their demand for deeper cuts came as the statistics service said Cyprus’s public deficit rose to 3.2 percent of gross domestic product in the first nine months of the year, up 0.5 percentage points from the same period last year.

State television also cited the country’s central bank governor, Panicos Demetriades, as urging the state to do everything possible to support the banking system.

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