05/12/2012 07:20
The possibility of taking a decision on the Cypriot memorandum at the end of January is gaining ground, bringing the completion of the procedure closer to the presidential elections.
Both the Commissioner for Monetary Affairs, Olli Rehn and the Cypriot Minister of Finance, Vassos Shiarly emphasized yesterday that Cyprus can meet short-term obligations, even if the decision is not taken next week.
“There is no problem in covering the finance needs of Cyprus in the short-term even if the Eurogroup decision is not taken on December 13”, Mr. Rehn said.
Mr. Rehn stressed that the Commission is working very intensively and constructively with its partners from the troika, namely the European Central Bank and the International Monetary Fund, in order to complete the analysis of debt sustainability in Cyprus and to ensure that the country’s financing needs, in the short, medium term and long term, are secured.
After reassuring about the possibility of not taking a decision at the next Eurogroup meeting, Mr. Rehn reiterated what the President of the Eurogroup Jean-Claude Juncker had said on Monday that decision on Cyprus' can be taken on December 13 and will have been taken by the end of January.
Similarly, Mr. Shiarly stressed Tuesday that Cyprus has made all necessary arrangements to meet its financial obligations in the coming months.
The Finance Minister assured that the government has made the necessary arrangements and therefore there will be no problem in meeting short-term needs, such as the December wages.
“ I assure you that we have made all necessary arrangements to ensure that regardless of the delay in the implementation of the memorandum on Cyprus, there will be no problem in meeting the government’s obligations in the coming months”, Mr. Shiarly said.
On the question whether the memorandum will be signed in December, the Minister said that during the Eurogroup meeting on Monday, there was a debate on Cyprus, which will continue on the 13th of the month.
“Until then, we will have the necessary information as to the amount required for the recapitalization of the Cypriot banks and the debt sustainability”.
Mr. Shiarly expressed hope that Pimco’s report will be ready by Friday, December 7.
In Brussels yesterday there was a widespread impression that the latest developments reinforce the scenario process of receiving assistance close to the presidential elections.
After approval by the Eurogroup, the Cypriot memorandum must be approved by the Parliament of countries such as Germany, Finland and the Netherlands, and therefore it expected to be delayed beyond January 21.
The presidential elections will be held on February 17, 2013.
Both the Commissioner for Monetary Affairs, Olli Rehn and the Cypriot Minister of Finance, Vassos Shiarly emphasized yesterday that Cyprus can meet short-term obligations, even if the decision is not taken next week.
“There is no problem in covering the finance needs of Cyprus in the short-term even if the Eurogroup decision is not taken on December 13”, Mr. Rehn said.
Mr. Rehn stressed that the Commission is working very intensively and constructively with its partners from the troika, namely the European Central Bank and the International Monetary Fund, in order to complete the analysis of debt sustainability in Cyprus and to ensure that the country’s financing needs, in the short, medium term and long term, are secured.
After reassuring about the possibility of not taking a decision at the next Eurogroup meeting, Mr. Rehn reiterated what the President of the Eurogroup Jean-Claude Juncker had said on Monday that decision on Cyprus' can be taken on December 13 and will have been taken by the end of January.
Similarly, Mr. Shiarly stressed Tuesday that Cyprus has made all necessary arrangements to meet its financial obligations in the coming months.
The Finance Minister assured that the government has made the necessary arrangements and therefore there will be no problem in meeting short-term needs, such as the December wages.
“ I assure you that we have made all necessary arrangements to ensure that regardless of the delay in the implementation of the memorandum on Cyprus, there will be no problem in meeting the government’s obligations in the coming months”, Mr. Shiarly said.
On the question whether the memorandum will be signed in December, the Minister said that during the Eurogroup meeting on Monday, there was a debate on Cyprus, which will continue on the 13th of the month.
“Until then, we will have the necessary information as to the amount required for the recapitalization of the Cypriot banks and the debt sustainability”.
Mr. Shiarly expressed hope that Pimco’s report will be ready by Friday, December 7.
In Brussels yesterday there was a widespread impression that the latest developments reinforce the scenario process of receiving assistance close to the presidential elections.
After approval by the Eurogroup, the Cypriot memorandum must be approved by the Parliament of countries such as Germany, Finland and the Netherlands, and therefore it expected to be delayed beyond January 21.
The presidential elections will be held on February 17, 2013.
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