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Cyprus set for presidential run-off on Sunday

Cyprus set for presidential run-off on Sunday
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Cypriots will head back to the polls on Sunday for a runoff election after Nikos Anastasiades won the first round, but without an overall majority.

The centre-right favourite is set to face-off against Stavros Malas, an independent candidate backed by the communist party.

The winner will need to negotiate the final terms of a 17 billion euro international bailout.

Political analyst Larkos Larkou thinks the next president could get a better deal for Cyprus.

“The loan provisions for the bailout have been virtually agreed by the outgoing government. The new president has very little room for manouvre. It is important, however to try to negotiate.

“As the Greek experience has shown, this can be done, even if the results are not spectacular, he may cut a slightly better deal.”

There are fears Cyprus will never be able to pay back its debt as the loan is the equivalent to the size of its economy.

However, former MEP Giannaki Matsis said the island has other resources at its disposal under the Mediterranean.

“Cyprus has immense wealth in natural gas and oil and with the right political handling, she can find the way back to economic recovery without any difficulties.”

Reporting from Nicosia, euronews reporter Stamatis Giannisis said:

“In the remaining days until the runoff, the final contestants are trying to convince as many voters as possible that they are capable of negotiating the bailout agreement with the troika; and that they will manage to reverse the financial crisis afflicting the Cypriot economy.