articles | 16 February 2015

Cyprus could exit bailout in 2015, says Foreign Minister

Foreign Minister Ioannis Kasoulides believes Cyprus can exit its bailout programme with international lenders (EU Commission, IMF and ECB) by the end of 2015, if it makes the right moves.

“If we act correctly, we can enter the markets very soon with our bail-out programme ending by the end of this year”, he told reporters Friday.

Speaking after visiting the Pancyprian Gymnasium, Kasoulides said Cyprus should be patient and now is not the time to ask for a re-negotiation of its memorandum – like Greece.

Regarding Monday’s Eurogroup meeting, the Foreign Minister wished for an agreement, saying it could pave the way for all sides to achieve understanding.

Kasoulides said criticism should not be directed against Greece only but it should also question the eurozone’s current situation. He said other robust EU countries can fall into the same situation if they do not take measures in good time.

Excluded from the financial markets since May 2011, Cyprus concluded in March 2013 with the EU and the IMF on a €10 billion bailout to avert the collapse of its banking sector and cover its financing needs.

Source: InCyprus

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