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| Cyprus elections: pro-bailout candidate takes 45.4% of vote | |
| (35 minutes later) | |
| Their country's future as a eurozone member hanging in the balance, Cypriots voted on Sunday to elect a new president, with the pro-bailout conservative leader, Nicos Anastasiades, securing the biggest backing with 45.4% of the vote. | |
| Anastasiades is set to face a runoff next week after failing to gain enough support for an outright win. However, he is seen as the overwhelming favourite in that contest, against the communist-backed independent, Stavros Malas, who took 26.9% of the vote. | |
| The vote for Anastasiades and his DISY party is an endorsement of the pro-bailout policies advocated by a man who will face the arduous task of finalising a €17bn (£14.6bn) rescue package with the European Union and the International Monetary Fund to keep the country's economy afloat. Last year Cyprus became the fifth eurozone state to ask for a bailout. | |
| On Sunday 545,000 citizens filed into polling stations to cast ballots in what was seen as the country's most crucial election in recent times. | |
| "Whoever wins will preside over five very difficult years, first negotiating a rescue programme then possibly having to enforce new austerity measures," said Hubert Faustmann, associate professor of history and political science at the University of Nicosia. | "Whoever wins will preside over five very difficult years, first negotiating a rescue programme then possibly having to enforce new austerity measures," said Hubert Faustmann, associate professor of history and political science at the University of Nicosia. |
| No Cypriot election had been as closely watched by the international community. The divided island's economic difficulties – triggered by losses its banking system suffered when Greece restructured its debt – have spurred concerns of a re-eruption of the eurozone crisis just when many had hoped progress in the bloc's fragile periphery had been achieved. | No Cypriot election had been as closely watched by the international community. The divided island's economic difficulties – triggered by losses its banking system suffered when Greece restructured its debt – have spurred concerns of a re-eruption of the eurozone crisis just when many had hoped progress in the bloc's fragile periphery had been achieved. |
| Brussels had not hidden its hope that Anastasiades would win. An advocate of neo-liberal policies who believes in breaking the power of trade unions, the 66-year-old lawyer has promised to reach a speedy agreement with would-be creditors at the EU, the IMF and the European Central Bank. | Brussels had not hidden its hope that Anastasiades would win. An advocate of neo-liberal policies who believes in breaking the power of trade unions, the 66-year-old lawyer has promised to reach a speedy agreement with would-be creditors at the EU, the IMF and the European Central Bank. |
| "Above all else, we must unite forces to counter this economic crisis which unfortunately our homeland has never experienced before," he said after casting his ballot. | "Above all else, we must unite forces to counter this economic crisis which unfortunately our homeland has never experienced before," he said after casting his ballot. |
| The outgoing president, Demetris Christofias, a veteran communist, had balked at the idea of meeting the tough terms foreign lenders had attached to a bailout, including calls to privatise state assets. | The outgoing president, Demetris Christofias, a veteran communist, had balked at the idea of meeting the tough terms foreign lenders had attached to a bailout, including calls to privatise state assets. |
| Amid fears of Nicosia's debt load becoming unsustainable – the rescue terms would likely push Cypriot debt to as much as 145% of its GDP – Cyprus has faced increased pressure to accept aid from Russia. On the eve of the election Moscow's finance minister, Anton Siluanov, signalled that Russia would prolong the repayment period of a €2.5bn loan made to Cyprus in 2011. | Amid fears of Nicosia's debt load becoming unsustainable – the rescue terms would likely push Cypriot debt to as much as 145% of its GDP – Cyprus has faced increased pressure to accept aid from Russia. On the eve of the election Moscow's finance minister, Anton Siluanov, signalled that Russia would prolong the repayment period of a €2.5bn loan made to Cyprus in 2011. |
| The move was welcomed by the EU commissioner Olli Rehn, who emphasised Moscow's "close economic and financial ties with Cyprus". Russians lured by low taxes keep about €20bn in bank deposits in Cyprus. "It would certainly be helpful if Russia is able and willing to provide a financial contribution," Rehn said at the weekend. | The move was welcomed by the EU commissioner Olli Rehn, who emphasised Moscow's "close economic and financial ties with Cyprus". Russians lured by low taxes keep about €20bn in bank deposits in Cyprus. "It would certainly be helpful if Russia is able and willing to provide a financial contribution," Rehn said at the weekend. |
| The Mediterranean island has enough funds to get by until April after streamlining the economy and announcing pay, pension and benefit cuts worth about €1bn last year. | The Mediterranean island has enough funds to get by until April after streamlining the economy and announcing pay, pension and benefit cuts worth about €1bn last year. |