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Cypriot President mulls casino entry

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Cypriot President mulls casino entry


After the debt crisis that engulfed the small Mediterranean island of Cyprus comes the painful task of economic restructuring by Cypriot President Nicos Anastasiades.

He briefed party leaders on a 12-point plan designed to keep Cyprus in line with the terms of the 10 billion euro rescue from its euro zone partners.

But that includes a highly controversial plan to lift the ban on casinos in Cyprus and even offer tax exemptions for profits reinvested in the island.

President Anastasiades outlined a broad outline for the new direction. “Growth, incentives for growth, and we are going to work towards that end. Thank you.”

So far, casinos only operate legally in the Turkish-controlled part of northern Cyprus. Anastasiades is hoping to attract foreign investment to the island in a bid to kickstart the ailing economy and lift Cyprus from deep recession.

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