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After election win, Anastasiades faces Cyprus bailout quagmire

World News

25-02-2013 | 03:45

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After election win, Anastasiades faces Cyprus bailout quagmire

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Cyprus presidential candidate of the conservative right wing Democratic Rally party Nicos Anastasiades won the elections on Sunday.

Anastasiades took 57.5 percent of the vote in the run-off election, 15 points ahead of his anti-austerity Communist-backed rival Stavros Malas.

Cypriot president-elect Nicos Anastasiades faces weeks of difficult talks with foreign lenders on a financial rescue for the island nation after sweeping to a resounding victory in an election on Sunday.

Eight months of talks on a bailout package have turned tiny Cyprus into a big headache for the euro zone, triggering fears of a financial collapse that could reignite the bloc's debt crisis.

Anastasiades pledged to hammer out a quick deal with foreign lenders and bring Cyprus closer to Europe, in a shift from the policies of the outgoing Communist government that first sought aid from Russia before turning to the European Union.

-REUTERS/LBCI

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