Cyrpus' president is asking trade unions to support austerity measures the government says are necessary to secure loans. Unions have not been in favor of the austerity measures, which include salary cuts and tax hikes. They say that the cuts are put on workers and will not lead to growth. European lenders want Cyrpus to cut more than a billion dollars before they will bailout the country. Unemployment is projected to rise to about 13% next year.
See "Cyprus president asks trade unions to back austerity measures need to secure troika bailout", The Associated Press, The Washington Post, October 11, 2012