The Seattle Times
Business & Technology

Low-graphic news index | Mobile site


Friday, November 23, 2012 - Page updated at 05:30 p.m.

Cyprus govt briefs unions on expected bailout deal


The Associated Press

Cyprus' government is briefing trade unions on the contents of a bailout that the country is expected to agree on with international creditors soon.

Government spokesman Stefanos Stefanou says a deal with the European Commission, the European Central Bank and the International Monetary Fund is being finalized at EU headquarters in Brussels.

Government workers' union boss Glafcos Hadjipetrou called public sector pay cuts "devastating" and "one-sided" but conceded Cyprus had little option but to negotiate a bailout with international lenders.

Cyprus' stock exchange rallied strongly on the expectation of a deal possibly later Friday. By midday, it was up 8.5 percent.

Cyprus sought international aid in June to prop up its banks that took huge losses on bad Greek debt.

Copyright © The Seattle Times Company