22/01/2013 06:15
Cyprus was criticized strongly on money laundering at the Eurogroup yesterday, with the Finance Ministers of various countries adopting the German argument and Jean-Claude Juncker talking for the first time for the tax framework of Cyprus.
The Eurogroup meeting had no substantive effect on Cyprus. In the absence of Pimco’s final numbers, the eurozone Finance Ministers did a thorough discussion on the Cyprus program and made it clear that the memorandum will be finalized after the elections.
They talked about money laundering and made hard statements, including that of the German Finance Minister that there are doubts as to whether Cyprus has systemic importance to the eurozone in order to receive assistance.
"We welcomed the progress which has already been made by Cyprus in implementing some of the important measures on which the (EU/IMF) troika and the Cypriot authorities are in agreement”, Mr. Juncker said.
Luxembourg's Prime Minister and outgoing Eurogroup President was referring to the adoption of all fiscal measures by Cyprus in December, which, however, does not seem to have any worthwhile at the current stage.
According to the CNA, Mr. Juncker’s reference that the final report for the capital needs will be published after the signing of the memorandum was important.
Jean-Claude Juncker said Monday before a gathering of the ministers from the 17 EU countries that use the euro that Cyprus will be discussed but no decision on a rescue package will be taken because negotiations are ongoing.
European Commission Vice President and Commissioner for the Euro, Olli Rehn said that there were deliberations on the latest developments to the Cypriot request for financial support and efforts for a decision in March will continue.
The eurozone will review in depth an international rescue package for Cyprus at a later date, since not all necessary data is still available, French Minister of Finance Pierre Moscovici said.
Euro zone finance ministers confirmed Dutch Finance Minister Jeroen Dijsselbloem as president of the Eurogroup on Monday. Spain did not back his candidacy.
The new president was presented to the press after the meeting by outgoing President Jean-Claude Juncker, who said that during his 8 years in office he learned to love Europe.
“I have great admiration and love for Greece and great admiration for Ireland and Portugal," he said. "I hope those countries will get recompense”, he said.
The Eurogroup meeting had no substantive effect on Cyprus. In the absence of Pimco’s final numbers, the eurozone Finance Ministers did a thorough discussion on the Cyprus program and made it clear that the memorandum will be finalized after the elections.
They talked about money laundering and made hard statements, including that of the German Finance Minister that there are doubts as to whether Cyprus has systemic importance to the eurozone in order to receive assistance.
"We welcomed the progress which has already been made by Cyprus in implementing some of the important measures on which the (EU/IMF) troika and the Cypriot authorities are in agreement”, Mr. Juncker said.
Luxembourg's Prime Minister and outgoing Eurogroup President was referring to the adoption of all fiscal measures by Cyprus in December, which, however, does not seem to have any worthwhile at the current stage.
According to the CNA, Mr. Juncker’s reference that the final report for the capital needs will be published after the signing of the memorandum was important.
Jean-Claude Juncker said Monday before a gathering of the ministers from the 17 EU countries that use the euro that Cyprus will be discussed but no decision on a rescue package will be taken because negotiations are ongoing.
European Commission Vice President and Commissioner for the Euro, Olli Rehn said that there were deliberations on the latest developments to the Cypriot request for financial support and efforts for a decision in March will continue.
The eurozone will review in depth an international rescue package for Cyprus at a later date, since not all necessary data is still available, French Minister of Finance Pierre Moscovici said.
Euro zone finance ministers confirmed Dutch Finance Minister Jeroen Dijsselbloem as president of the Eurogroup on Monday. Spain did not back his candidacy.
The new president was presented to the press after the meeting by outgoing President Jean-Claude Juncker, who said that during his 8 years in office he learned to love Europe.
“I have great admiration and love for Greece and great admiration for Ireland and Portugal," he said. "I hope those countries will get recompense”, he said.
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