NICOSIA, Cyprus (AP) — Conservative candidate Nicos Anastasiades won Cyprus' presidency Sunday by one of the widest margins in 30 years, promising to do what it takes to quickly secure a financial rescue package from international creditors and prevent the country from sliding into economic oblivion.
The wide margin of victory in favor of Anastasiades indicates Cypriots are prepared, to a degree, to stomach what could be painful austerity measures attached to a bailout, as well as a snub to left-wing rule that many feel is responsible for the country's sorry economic state.
Most Cypriots are aware that there's little option but to secure outside financial help — which will undoubtedly come with demands for public sector spending cuts and other austerity measures — to end the uncertainty dragging down the economy.
Cyprus has already enacted deep public sector wage cuts and tax hikes under a preliminary bailout agreement.
The new president will face a tough battle convincing reluctant countries, especially Europe's economic powerhouse Germany, that tiny Cyprus deserves help after its banks lost billions of euros on bad Greek debt.
Last year, Cyprus sought financial assistance of up to €17 billion ($22.7 billion), a sum roughly equivalent to its annual gross domestic product, which has raised concerns about whether the country would be able to pay back any loan.
The wide margin of victory in favor of Anastasiades indicates Cypriots are prepared, to a degree, to stomach what could be painful austerity measures attached to a bailout, as well as a snub to left-wing rule that many feel is responsible for the country's sorry economic state.
Most Cypriots are aware that there's little option but to secure outside financial help — which will undoubtedly come with demands for public sector spending cuts and other austerity measures — to end the uncertainty dragging down the economy.
Cyprus has already enacted deep public sector wage cuts and tax hikes under a preliminary bailout agreement.
The new president will face a tough battle convincing reluctant countries, especially Europe's economic powerhouse Germany, that tiny Cyprus deserves help after its banks lost billions of euros on bad Greek debt.
Last year, Cyprus sought financial assistance of up to €17 billion ($22.7 billion), a sum roughly equivalent to its annual gross domestic product, which has raised concerns about whether the country would be able to pay back any loan.
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