Under the terms of the new agreement, the study will also take into account the company’s concerns as well as those of its workers’ unions, the CNA reported today without citing its source. The deal, struck yesterday midnight, came after the unions threatened to take strike action, which would affect power production and supply to avert the study. While the deal is in place, unions will take no strike action.

“We had a great discussion with the unions even if we disagreed and of course moving on to the next steps I have said we will be absolutely transparent and an open book,” Lakkotrypis was quoted as saying by CNA.

The chairman of the parliamentary commerce committee and DISY lawmaker Zacharias Zachariou mediated the compromise agreement among the EAC, its unions and the energy minister, CNA reported.

According to the terms of the bailout, Cyprus has to privatise the EAC by 2018. Lakkotrypis said March 27, that the study, under the initial terms of the tender, would show “if” the EAC should be privatised, and if yes, “how”.

Source: Cyprus Mail