Cyprus says no to EU request for national tax increases & spending cuts

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The Finance Minister for Cyprus, Mr Harris Georgiades has stated that the European Commission have made a mistake by warning the Cypriot economy could be unsustainable unless the government make spending cuts and raises taxes. “Something Cyprus will not do under any circumstances” he made clear. The Commission recently critised the delay in implementing appropriate fiscal structural reforms, simultaneously with the elimination of property tax and the increase in spending; were the main arguments in favour of deeming the islands fiscal structural was a risk.