Cyprus, millions of euros lost to red tape, survey

Businesses in the Republic of Cyprus lose around 700 million euros a year due to red tape, according to a survey by KPMG which was presented to the House commerce committee yesterday as Cyprus Mail reports. ''It was recorded today that the cost alone for businesses due to bureaucracy in the public service is around 700 million euros a year,'' said committee chairman, DISY's Lefteris Christoforou, after the meeting, ''If this cost was saved - or even part of it - we would certainly have a healthier economy, healthier small and medium-sized enterprises and a smaller public sector, with higher efficiency.'' Christoforou said it was time to abolish red tape, especially while the country is negotiating with EU lenders the troika for a state bailout.