Cyprus election held amid economic woes

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NICOSIA, Cyprus, Feb. 24 (UPI) -- Conservative leader Nico Anastasiades was expected to win the presidency of Cyprus Sunday despite grim warnings from analysts about the island's economy.

Anastasiades won more than 45 percent of the vote in last week's first round, but did not claim the clear majority required to avoid Sunday's second round, The Wall Street Journal reported.

The Conservatives, however, were not expected to have much trouble defeating Stavros Malas, who had the backing of the communist AKEL party. Malas received just under 30 percent of the votes in the first round and was not expected to make up much ground Sunday.

Although the Sunday vote may be a formality, Anastasiades and the Conservatives won't be able to relax and enjoy their victory, the report said.

Cyprus has been stymied by a deteriorating economy that could result in a default on its debts -- a first for the euro zone, the Journal said Sunday.

The European Commission last week warned in an analysis that Cyprus was likely to slog through 2013 in a recession that could be exacerbated by conditions imposed for a European bailout of the economy.

The Journal said Anastasiades favors striking a quick deal on a bailout with international creditors. He would have considerable freedom in making economic policy, including painful austerity measures, if he received a clear mandate from the voters Sunday.