The Council of Ministers has passes a decision to allow Nicosia council to restructure its borrowings.
In essence this will allow the council to replace current high interest debt with a much lower rate of borrowing.
After a 5 hour meeting of the Council of Ministers, the Economy and Energy Minister, Atay Rashid emerged to make a statement.
He said that Nicosia council could now go ahead and restructure its debt with low interest rate loans and that part of these loans would be used to replenish the social security payments for employees that had not been made for years.
