NICOSIA - President Christofias says he would refuse any request by international lenders to sell off state-owned companies as part of a finalised agreement to bail the country out.
Christofias said Wednesday he had "no intention" of consenting to privatisations.
A draft of the bailout deal with the European Commission, the European Central Bank and the International Monetary Fund says Cyprus will have to consider privatisations if it's debt is deemed unsustainable.
Cypriot banks, which took huge losses on bad Greek debt and loans, are estimated to need up to €10b in rescue money. That's more than half the country's economy, raising questions whether the government will be able to handle the debt. Cyprus' eurozone partners will decide on the country's bailout deal on January 21.