Cyprus privatisation bill fails
A Bill to privatise Cyprus’ ports has been thrown out by parliament, leaving the country at risk to further downfall.
Entitled Denationalisation Law of 2014, the Bill was rejected by parliament yesterday (27 February 2014), much to the joy of workers, who have been striking this week in opposition to the privatisation plan.
But things could get worse for Cyprus since the Bill was a key part of a €10bn deal with the EU and International Monetary Fund to help the struggling country. It could now mean that the next bailout of €235m is in jeopardy.
Media reports state that the Cyprus government will re-submit the Bill after making some amendments.
Ports workers and others from semi-government organisations, namely the Electricity Authority (ECA) and Telecommunications Authority (CyTA), are worried the plan to privatise ports in 27 months time will result in job losses.
Strikes have so far resulted in heavy losses for shipping companies, importers and exporters. It is understood several ships have had to be diverted away from Limassol as a result of the troubles causing delays of one week in import deliveries.
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