22/04/2004 16:00
The United Nations attempted on Thursday to alleviate the G/C concerns on the prospects of the Cyprus economy after the solution of the island’s problem on the basis of the Annan Plan. On their interview to newspaper “Politis”, two high ranking UN officials, Roger Manrick and Lisa Jones stated that there are mechanisms that guarantee the good prospects of the single economy, stressing that it is impossible to have different interests in a single economy.
With regard to the T/C banks, which will be granted a transitional period of 2 years for their harmonization with the federal law, the UN officials said that the International Monetary Fund has prepared a detailed study. In case of a Cyprus settlement, the study will be discussed by all parties. The IMF will work with the T/C bankers to ensure that the T/C bank will not collapse and a compromise will be reached between the continuation of the macroeconomic management and the convergence of economies. ‘The procedures that will be adopted will allow a positive decision taking’. As for the Cyprus pound, the UN officials noted that the use of the Cyprus pound is for the benefit of all and has been accepted in the north.
The non solution scenario
In case of a non solution of the Cyprus issue, the UN officials said that the G/C side will continue to develop, but the T/C side will enjoy new opportunities for economic activity. Several EU countries have already expressed their interest to support the T/C.
With regard to the T/C banks, which will be granted a transitional period of 2 years for their harmonization with the federal law, the UN officials said that the International Monetary Fund has prepared a detailed study. In case of a Cyprus settlement, the study will be discussed by all parties. The IMF will work with the T/C bankers to ensure that the T/C bank will not collapse and a compromise will be reached between the continuation of the macroeconomic management and the convergence of economies. ‘The procedures that will be adopted will allow a positive decision taking’. As for the Cyprus pound, the UN officials noted that the use of the Cyprus pound is for the benefit of all and has been accepted in the north.
The non solution scenario
In case of a non solution of the Cyprus issue, the UN officials said that the G/C side will continue to develop, but the T/C side will enjoy new opportunities for economic activity. Several EU countries have already expressed their interest to support the T/C.
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