Academic Institutions, Municipalities to be Spared Haircut
|Will bank accounts of charitable organizations such as the Cyprus Red Cross Society be sparred?|
It has just been announced that the bank accounts of academic institutions and municipalities, including funding from EU co-financed development projects, will not be subject to levy. This news causes much relief, however there has been no announcement as to whether non-governmental charitable organizations will also be sparred.
The Cabinet also decided to reduce the salary of members of the Cabinet by 20%, including the 13th salary. The President has already authorized the Accountant General of the Republic to make a 25% reduction of his own salary.