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Cyprus cabinet quits as economic problems mount

Cyprus cabinet quits as economic problems mount
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The reverberations from the fatal blast in Cyprus have hit the government. The country’s cabinet has quit in a bid to quell public anger.

The explosion, which destroyed the island’s largest power plant, was triggered by munitions which were stored at a military base close by and caused an energy crisis.

Thirteen people lost their lives in the blast on the island which has also raised the spectre of Cyprus needing an EU bailout.

Estimates from the finance ministry suggest the blast will cut growth this year to zero. Moody’s has cut the island’s credit rating to just three notches above junk status.

Despite this a government spokesman has said Cyprus would not necessarily need help. A cabinet re-shuffle is expected in the next few days while President, Demetris Christofias has said he will not resign.

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