23 October 2012 17:20

 NICOSIA – The Government’s counter-proposals concerning Troika’s bailout memorandum were being conveyed on Monday evening, Government spokesman Stefanos Stefanou said.
Cyprus also planned to contact international lenders to invite them to the island for final talks on a comprehensive aid package.

Government Spokesman Stefanos Stefanou said that the government’s counter-proposals concerning Troika’s bailout memorandum would be conveyed on Monday evening and that it is expected now from Troika to announce when its delegation will arrive on the island for negotiations.
Stefanou assessed that there is adequate time to conclude the negotiations and finalise the memorandum until the Eurogroup meeting on November 12, noting that the government needs the support of all political parties and social partners to secure the best measures for the people of Cyprus.

In statements after a meeting President of the Republic Demetris Christofias had with the leaders of trade unions on the support package, Stefanou said that with this meeting the government concluded its consultations with the social partners, the political parties and the Central Bank Governor and has finalized its proposals, which “we will be able to send to the Troika and invite it to Cyprus to negotiate the support package."
Stefanou said the meeting with the trade unions was constructive and underlined that the government work very intensively throughout this period aiming to be ready for the negotiations on the support package.

He also reiterated that the government wants to safeguard public servants allowances as the Cost of Living Allowance (CoLA) and the 13th salary.
Stefanou noted that for the time being they cannot say for how long negotiations with the Troika will last, pointing out however that the government deems that there is enough time for the Troika delegation to come and negotiate in order to conclude an agreement before the Eurogroup meeting on November 12.

“The message we want to send is the same President Christofias has sent from Brussels, that we want to negotiation with the Troika sincerely and with determination and to reach an agreement the soonest,” he said.
"The package will bear a cost," Stefanou said. "Our attempt is to make it tolerable, and with the contribution of all to overcome the difficulties we are experiencing now and be able to move forward," he noted.

Cyprus applied for financial assistance from the EU bailout mechanism (EFSF/ESM) to recapitilise its banking sector whose liquidity has been depleted as a result of the Greek sovereign debt haircut as well as to cover its fiscal needs. However, rating agencies and economists have suggested that after receiving the loan, Cyprus’ national debt will reach unsustainable levels. With Cyprus’ national debt amounting to 74,6% of GDP in the first quarter of 2012, rating agencies say the island will need an additional loan equivalent to 60% of Cyprus’ GDP.


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