The Cyprus Telecommunications Authority (Cyta) and the Cyprus Ports Authority (CPA) have both expressed their disagreement with the prospect of privatisation and believe they can use their own resources to cover the amount demanded by the Troika, as part of Cyprus` bailout agreement.

Speaking after a meeting of the Parliamentary Committee on Finance, which discussed Cyta`s budget for 2013, Chairman of the Boards of Directors of Cyta Stathis Kittis said privatisations were not necessary, especially those providing financial resources to the state.

He Cyta and the other organisations could commit themselves to contribute a certain amount every year in order to collect over the next eight to ten years up to 2 billion euros to cover the 1.4 billion euros requested by the Troika from privatisations.

Kittis said that over the past four years Cyta has already returned up to 300 million euros per year, and that a much larger amount could be gathered with other organisations.

Chairman of the Board of Directors of CPA Chrysis Prentzas said the privatisation of the CPA did not serve the public interest, adding that what was needed was the modernisation and restructuring of the organisations.

Prentzas expressed certainty that the CPA could itself cover the amount demanded by the Troika from the privatisation of the organisation, and pointed out that the ports played a very important role in the economy and there were even national security reasons to keep them under state control.

Speaking after the Committee`s meeting, which examined the CPA budget for 2013, Prentzas said that with the new prospects from the discovery of hydrocarbons in Cyprus` exclusive economic zone, the CPA would double its income.