Cyprus votes for president as clock ticks on bailout deal

   
Cypriots started voting in a runoff on Sunday to elect a president who must clinch a bailout deal for the island nation to avoid a financial meltdown that would revive the euro zone crisis.    

Conservative leader Nicos Anastasiades, who favors hammering out a quick deal with foreign lenders, is favored to win against Communist-backed rival Stavros Malas, who is more wary of the austerity terms accompanying any rescue.    

Financial markets are hoping for an Anastasiades victory that speeds up a joint rescue by the European Union and International Monetary Fund before the island runs out of cash and derails fragile confidence returning to the euro zone.    

The 66-year-old lawyer took more than 45 percent of the vote in last Sunday's first round, easily beating Malas who took 27 percent.    

The winner takes the reins of a nation ravaged by its worst economic crisis in four decades, with unemployment at a record high of 15 percent. Pay cuts and tax hikes in preparation for a bailout have further soured the normally sunny national mood.    

Newspaper headlines reflected the grim outlook, warning of an uphill climb for the new president. One described it as walking towards "Calvary", the location where, according to Christian scripture, Jesus Christ was crucified.    

Like candidates, newspapers also called on people to vote. Fewer voters were expected to show up at the polls than on Feb. 17 after the third-placed candidate refused to back either contender in the runoff, boosting Anastasiades's chances.


REUTERS