05/12/2012 11:25
The euro area Finance Ministers are likely to agree on a bailout plan for Cyprus during their meeting next Thursday, because too many issues remain unresolved, German Finance Minister, Wolfgang Schaeuble stated yesterday.
“There is still a lot of work to be done”, reportedly the German Finance Minister stated after the meeting with his European counterparts in Brussels.
According to WSJ, Mr. Schaeuble outnumbered a number of issues that the partners are concerned about.
He said that there were questions about the amount required for the recapitalization of the banks.
He also referred to how private creditors of these banks could better participate in the support program - an indirect reference to the issue of capital securities of the banks.
He said that Cyprus should ensure full transparency on money laundering and full cooperation on tax issues. The issue was raised by German media last month and by he himself as well, when he made reference to the tax status of Cyprus.
Other pending issues include the reduction of the size of the banking sector.
Finally, he raised the privatization of state property, an issue referred to a later stage by the memorandum, depending on the degree of achievement of financial targets.
“There is still a lot of work to be done”, reportedly the German Finance Minister stated after the meeting with his European counterparts in Brussels.
According to WSJ, Mr. Schaeuble outnumbered a number of issues that the partners are concerned about.
He said that there were questions about the amount required for the recapitalization of the banks.
He also referred to how private creditors of these banks could better participate in the support program - an indirect reference to the issue of capital securities of the banks.
He said that Cyprus should ensure full transparency on money laundering and full cooperation on tax issues. The issue was raised by German media last month and by he himself as well, when he made reference to the tax status of Cyprus.
Other pending issues include the reduction of the size of the banking sector.
Finally, he raised the privatization of state property, an issue referred to a later stage by the memorandum, depending on the degree of achievement of financial targets.
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