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.