Crushed by a growing economic crisis that has seen the government seize nearly half the bank deposits of more than 100,000 euros ($130,000) in private accounts to pay for bank mismanagement, Cyprus can’t afford to send an act to Eurovision 2014, the Management Board of the Cyprus Broadcasting Corporation (CyBC or RIK) said.
CYyBC’s Management Board also based its decision on the further reduction in the budget of Cyprus‘s public broadcasting service for the year 2014 and the need for drastic cuts to be made in the programs’ expenses.
Eurovision, derided by critics as a kitsch contest of bad taste in music is still a popular draw with viewers across the region.
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