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Cyprus News Agency: News in English, 13-05-08

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

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


CONTENTS

  • [01] We made the best possible decision for Cyprus, Eurogroup President

    says


  • [01] We made the best possible decision for Cyprus, Eurogroup President says

    "We did the best that was possible so that the Cypriot debt would remain sustainable and the European taxpayers would not be burdened because of the investment risks taken by the two Cypriot banks", Eurogroup President Jeroen Dijsselbloem has said in response to criticisms by Members of the European Parliament on dealing with the rescue of Cyprus.

    Jeroen Dijsselbloem was asked to give explanations to the Committee on Economic and Monetary Affairs of the European Parliament about what had happened during the crisis in Cyprus but also the content of the Eurogroup's decisions in March. In his introductory speech, Dijsselbloem referred to the current developments emphasizing that the aid programme for Cyprus has been finalized and it was the subject of much attention, while he described it as an opportunity for Cyprus economy to get back on the right track.

    He added that the disbursement of the first tranche of the loan for Cyprus will be made within May, noting that interest rates of the loan will be low so that Cyprus will be able to pay it off. Asked how we had arrived at this decision, he refused to reveal anything in relation to the negotiations stressing that his role is not to refer to the position held by each Eurozone country.

    As he said, Cyprus' financial problem has arisen since 2011, but no discussions were held to solve it, "because the Cypriots reached an agreement with the Russians and gained time in order not to go into a memorandum".


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