Ιt’s a week of major developments and decisions for the islands’ economy as the cabinet was expected to approve a package of measures submitted by the finance ministry as counter proposals to the troika draft memorandum on the Cyprus loan. Τhe measures included in the 2013 state budget will subsequently be submitted to parliamentary parties, unions and other social actors.Finance minister Vasos Shiarlee referred to many alternative proposals, out of which the most effective will be selected.

Government spokesman Stephanou said that the package is three-pronged:-putting public finances in order, supporting growth and social cohesion.

He stressed that authorities are against the logic of horizontal cuts that are socially unfair and hurt the middle and lower classes.

In parallel, Nicosia is launching contacts with the troika in order to schedule its next arrival on the island for the final round of negotiations.