THE HOUSE endorsed a state guarantee agreement to the Electricity Authority of Cyprus (EAC) yesterday, which will see the semi-governmental organisation secure a bank overdraft of approximately €30 million.
According to the agreement, the state will guarantee 80 per cent of the overdraft.
The EAC had been trying to secure a €50 million overdraft through house approval after the Mari blast, which destroyed the island’s main power station in Vassilikos. The organisation’s net bank overdrafts in 2010 amounted to €43 million.
The decision secured the necessary majority backing after DISY, AKEL, DIKO and EDEK voted in favour, amidst serious concerns and reservations by several of the parties’ MPs.Read More