Cypriot gov't to pay almost 1 bln euros if bailout salary cuts judged unconstitutional

Source: Xinhua| 2019-10-13 01:17:40|Editor: yan
Video PlayerClose

NICOSIA, Oct. 12 (Xinhua) -- Cypriot government will have to pay almost 1 billion euros (1.1 billion U.S. dollars) to public employees, more than 10 percent of its annual budget expenditure, should the island's highest court rules that cuts in salaries and pensions during 2013 bailout were unconstitutional, a Finance Ministry document published on Saturday said.

The document, which was handed to the president of parliament along with the 2020 budget, was prepared ahead of an expected ruling by the plenary of the Supreme Court.

It also warned that the risk of non-achievement of fiscal targets, should the damages be high.

Salaries and pensions were cut by about 12.5 percent on the demand of international lenders, who offered a 10 billion euros bailout package to the Cypriot government.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011105521384671521