Cyprus Mail

Greens say central bankers must share austerity

THE GREEN party yesterday condemned the government’s move to submit bills to Parliament exempting the Central Bank (CB) from austerity measures freezing wages, promotions and new hires in the public sector. 

The government submitted the bills because of a condition in the revised Memorandum of Understanding with their lenders specifying the CB must be able to maintain and hire specialised staff to ensure it can continue operating for the duration of the bailout programme, due to end in 2016.

“Citing the memorandum cannot be a justification of what is unjustifiable,” the Greens said in their announcement, but did not explain what alternative was available, or why exempting the Central Bank from the austerity restrictions was a no-go.

The bill sent to parliament this week says that it is up to the CB board how they wish to sort out the CB staff’s payroll, always acting within the spirit of efforts to contain expenses. Lawmakers are asked to amend the existing legislations that currently include the Central Bank in the austerity measures.

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