21 October 2012 11:59

BRUSSELS – President Demetris Christofias has stated that he wants an agreement with Troika made “as soon as possible” but denied claims that his government was feeling outside pressure to strike a deal.
Speaking to reporters in Brussels on Friday, the President said, “We wish to sign an agreement as soon as possible but it is not due to pressure, but rather that life is pressing on”.
He added that Troika was expected to arrive again in Cyprus next week.
“I would like to make it clear that as a government we did not try or wish for a delay but it is not an easy process”.
Cyprus applied in late June for financial support from the European Stability Mechanism, in a bid to recapitalise its banking sector heavily exposed to the Greek economy and to cover its refinancing needs. The adjustment programme is expected to be concluded with the Troika representatives by the next Eurogroup meeting on November 12.
The Troika representatives are expected to return to Cyprus in the second half of October. The government has drafted a comprehensive fiscal consolidation package, which will act as a counter-proposal to adjustment programme proposed by the Troika during their third visit to the island in the second half of October.
President Christofias went on to say that he was “hopeful” that a proposal – drafted by his government – would be ready to put forward to Troika as soon as he returns to Cyprus.



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