articles | 01 August 2013

Cyprus’ financial aid program is painful, says EP President

President of the European Parliament (EP), Martin Schulz, has described the financial aid program adopted for Cyprus as painful, noting that justifiably it does not enjoy the full support of the entire European Union (EU), its Member - States and Cyprus itself.

In a written reply to a letter sent to him earlier by the President of the House of Representatives Yiannakis Omirou, in relation to the economic crisis in Cyprus, Schulz says that unfortunately the implementation of the financial support programs has generally ignored the democratic rights of the European Parliament, as the only pan-European parliamentary assembly, which is able to apply democratic accountability in decision making. Throughout the duration of the ongoing crisis, he adds, the EP was calling for the strengthening of transparency and accountability in both the Troika`s work and the Eurogroup`s decision making process.

Agreeing with the House Speaker`s call for restoring the values ​​of the founders of European integration in today`s European Union, Schulz points out that the solidarity among nations and peoples remain the core values ​​of the EU, adding that the European Parliament will continue to strive to maintain this fundamental value on the side of those who want to see the Union coming out stronger from this crisis. Schulz assures Omirou that his message will be heard by the European Parliament and will be taken into account in EP’s future consultation on the issue.

Cyprus and its international lenders (the European Commission, the European Central Bank and the IMF) agreed in late March on a €10 billion bailout programme, which provided for a haircut on uninsured deposits in the island`s two largest banks.

Source: Financial Mirror

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