CYPRUS MAIL

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Cyprus Mail www.cyprus-mail.com

Tuesday, April 9, 2013

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CYPRUS

WORLD

SPORT

Dust particles at dangerous levels islandwide

Poet’s remains exhumed in poisoning probe

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Barca wait on Messi, Real and Bayern smell semiss back

Georgiades says time to pay piper State accountant warns government needs extra €80m before April 24 By George Psyllides

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HE time has come for Cyprus to foot the bill for past mistakes, Finance Minister Haris Georgiades said yesterday, as he warned that Cyprus could go bust if there was a delay in the ratification of a bailout deal with international lenders. State accountant-general Rea Georgiadou warned that the government needed an additional €80 million – on top of an €85 million reserve -- before April 24 to avoid a default. But the finance minister said this would not happen. “There is certainly no question of a default if everything goes according to schedule,” Georgiades told reporters after a lengthy discussion before the House Finance Committee. “We will face a risk if for some reason, either in Cyprus or in the eurozone, this agreement is not ratified.” The minister reiterated that there was no question of Cyprus abandoning the euro, leaving the EU or seeking non-existent alternatives that would secure the economy without help from the European support mechanism. Abandoning the euro would mean much higher losses, not only for deposits but the entire economy, the minister said, sending “citizens’ living standards back decades.” He challenged supporters of the so called ‘Cypexit’ to

recommend an alternative that would ensure that wages and pensions would continue to be paid and state debts financed. Georgiades said the government has presented its proposal, albeit a painful one. “We are essentially paying the price for a course that led the Cypriot economy to the brink of disaster,” the minister said. “Unfortunately it is the time we foot the bill for the mistakes, omissions and delays of the past but we are determined to look ahead, restart the Cypriot economy and keep it inside the European family.” Georgiades said Cyprus could not go any longer without a bailout, urging parliament to approve the austerity measures included in the agreement ahead of meeting of eurozone finance ministers. Ratification of Cyprus’ bailout effectively starts this week at the Eurogroup, Georgiades said. Individual states also have to rubber-stamp the deal. Earlier, Georgiadou warned that the government needed an additional €80 million – on top of an €85 million reserve -- before April 24 to avoid a default. Reports suggested that the shortfall could be covered through the dividend the Central Bank of Cyprus pays the state on profits it made.

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BRITAIN’S ‘IRON LADY’ DIES AGED 87

Margaret Thatcher pictured with her husband Denis at Wimbledon tennis tournament in 2000

(CNA)

Cameron: Britain loses a great leader By Guy Faulconbridge and Kate Holton MARGARET Thatcher, the “Iron Lady” who transformed Britain and inspired conservatives around the world by radically rolling back the state during her 11 years in power, died yesterday following a stroke. She was 87. Britain’s only woman prime minister, the unyielding, outspoken Thatcher led the Conservatives to three election victories, governing from 1979 to 1990, the longest continuous period in office by a British premier since the early 19th century. A grocer’s daughter with a steely

Prime minister who

changed the face of Britain Centre US special relationship Page 8 resolve, she was loved and loathed in equal measure as she crushed the unions, privatised vast swathes of British industry, clashed with the European Union and fought a war to recover the Falkland Islands from Argentine invaders. She struck up a close relationship with

US President Ronald Reagan in the Cold War, backed the first President George Bush during the 1991 Gulf War, and declared that Soviet leader Mikhail Gorbachev was a man she could do business with. “Very few leaders get to change not only the political landscape of their country but of the world. Margaret was such a leader. Her global impact was vast,” said Tony Blair, Labour prime minister from 1997-2007. “Some of the changes she made in Britain were, in certain respects at least, retained by the 1997 Labour Government, and came to be implemented by governments around the

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