articles | 03 July 2013

Cyprus President Anastasiades meets ECB President today

The practical difficulties the banking sector is facing regarding the implementation of a loan agreement Cyprus has signed with its international lenders will be the main issue of discussion at today’s meeting, in Frankfurt, between the President of the Republic of Cyprus Nicos Anastasiades and the President of the European Central Bank (ECB) Mario Draghi.

President Anastasiades will be accompanied at the meeting by Finance Minister Harris Georgiades, and the Governor of the Cyprus Central Bank Panicos Demetriades. In addition, during the meeting the two sides will also discuss the future of Bank of Cyprus.

Speaking last week in Brussels, after the European Council’s conclusion, the President of Cyprus said that the meeting would be in search of solutions. Moreover, he said that talks will not center on changing the terms of the bailout agreement, but rather on the ECB’s contribution to problems that have emerged, after the European Council’s decision.
Last March Cyprus agreed with international lenders on 10 billon euro aid package, under which it closed down the Popular Bank, and imposed painful losses on deposits of more than 100,000 euros held at the euro zone state`s biggest lender, Bank of Cyprus. Both institutions were heavily exposed to the Greek debt.

Source: Financial Mirror

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