25 November 2012 14:17

 NICOSIA - President Christofias will soon address the nation over the bailout agreement sealed in Brussels on Friday, government sources have said.
The terms of the financial assistance programme have been agreed, Finance Minister Vassos Shiarly told journalists in Nicosia late on Friday.
However, the programme cannot be considered completed as long as the total amount for recapitalisation of the Cypriot financial sector is still pending.
"We have completed the first and most important stage which concerns the terms of the memorandum," he said.
" The details of the programme will be processed so that it will be officially submitted to the Euro area Finance Ministers (Eurogroup)," he added.
Shiarly also explained that the agreement is not finalized as the results of the due diligence audit, carried out by Pimco on the capital needs of the Cypriot financial sector, are expected to be announced in early December.
Cyprus applied on June 25 for financial system from the EU bailout mechanism to rescue its two major banks which sought state aid following mammoth losses due to their heavy exposure to the Greek economy and to secure its refinancing needs.



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