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Cyprus News Agency: News in English, 13-04-02

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Conclusion of negotiations with lenders, leads to economic restart,

    says government

  • [02] Dutch FM says solution for Cyprus sets no precedent
  • [03] Archbishop of America calls meeting on Cyprus

  • [01] Conclusion of negotiations with lenders, leads to economic restart, says government

    The conclusion of the negotiations with the Troika for Cyprus' bailout program of 10 billion euro lead to the restarting of the island's economy and terminates a long period of uncertainty, Government Spokesman Christos Stylianides said Tuesday.

    Speaking during a press briefing at the Presidential Palace, Stylianides spoke of a very important development that ought to have taken place a lot earlier, "under more favorable economic and political conditions".

    The deal with the Troika still needs ratification from national EU parliaments and Eurogroup. The interest rate is approximately 2.5% and the 10 bln loan is repayable over a 12 year period after a grace period of a decade.

    Referring in particular to the agreement as regards the natural gas reserves, the Spokesman pointed out that the Republic's sovereign rights are secured. Finance Minister Michalis Sarris, who resigned from his post, hours after the conclusion of the negotiations, said that the years 2013 and 2014 will be hard for all of us, pointing out however that the prospects are encouraging.

    [02] Dutch FM says solution for Cyprus sets no precedent

    The Eurogroup's decision on Cyprus does not set a precedent for future resolution of crisis in the Eurozone, Dutch Foreign Minister Frans Timmermans pointed out on Tuesday.

    He was speaking during a press conference following a meeting with his Greek counterpart Demetris Avramopoulos, in Athens. Replying to a question Timmermans said that "it is very clear, there is no template. Every situation will need a tailor-made solution".

    [03] Archbishop of America calls meeting on Cyprus

    Archbishop of America Demetrios has called a meeting of leading Greek Americans on Wednesday to discuss the situation in Cyprus and ways to help the Cypriot people.

    Cyprus' Foreign Minister Ioannis Kasoulides is expected to address those attending the meeting by teleconference and brief them on the latest development, outlining the country's needs and informing them about the solidarity fund which the Cyprus House of Representatives has decided to set up.

    "The National Solidarity Fund", according to legislation passed by the Cyprus House, aims at providing funds for credit institutions and help recapitalize them, in addition to providing funds for the Republic of Cyprus.


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