Cyprus wants to gamble to boost economy

Cyprus plans to lift a ban on casinos and offer firms tax exemptions on profits reinvested on the island under a package of reforms to kickstart its ailing economy, its president said on Monday.

The country’s euro zone partners agreed on a 10 billion euro ($12.8 billion) rescue package last Monday after weeks of tense negotiations that showed the debt crisis racking the 17-nation currency union is far from over.

The tough terms of the deal look set to deepen the island’s recession, shrink its banking sector and lead to thousands of job losses, while the capital controls imposed to prevent a run on Cypriot banks may test the ties that bind the single-currency bloc as a whole.

CNBC

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