Cyprus president seeks union backing on austerity

NICOSIA, Cyprus (AP) ? Christofias is asking trade union leaders to "act patriotically" and bite the bullet on the measures to stave off possible social unrest. He's also meeting opposition leaders to garner their support, but many have criticized the measures as being inadequate.

Earlier this week, EU Commission President Jose Manuel Barroso urged Cypriot leaders to agree a deal and speed up bailout negotiations.

The government is aiming to wrap up talks with party and union leaders in the next couple of weeks in the hope of sealing a bailout deal before the Nov. 12 meeting of euro finance ministers and receiving the first batch of bailout money in December when state coffers start to run dry.

Time is weighing on the government whose request for a ?5 billion ($6.44 billion) loan from Russia ? made to bolster its bargaining hand in negotiations with troika officials ? has so far gone unanswered. Cyprus received a ?2.5 billion ($3.22 billion) loan from Moscow last year to pay its bills after it got too expensive for it tap investors.

International credit rating agency Moody's, which downgraded Cyprus deeper in to junk territory this week said the recapitalization needs of Cypriot banks could exceed ?8 billion ($10.31 billion). The agency said that amount would push public debt to a massive 140 percent of gross domestic product ? possibly too much to bear for a small country with bleak growth prospects over the next three to five years.

The country is already hurting as the jobless rate is projected to climb to almost 13 percent next year.

Poverty is far from the levels seen in other troubled economies, but there are signs it's on the rise. Cyprus' Greek Orthodox Church says needy families in and around the capital Nicosia that received food parcels last month almost doubled since May.

Source: http://news.yahoo.com/cyprus-president-seeks-union-backing-austerity-072149622--finance.html

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