02 November 2012 19:16

NICOSIA - Cyprus is anxiously waiting for the Troika delegation to arrive to sign a bailout deal before the November 12 deadline, otherwise the government will run out of cash fast.
And as the pressure mounts to agree terms for EU financial aid, President Christofias yesterday sounded a more conciliatory tone over the matter than in previous weeks.
“We are not begging the Troika to come to Cyprus, but we are inviting it to come, since we have applied for financial assistance,” he told reporters after meeting some party leaders.
“Of course, we are guided by several positions and strategic principles that we have set.”
Central Bank governor Panicos Demetriades said "substantial progress" had been made in talks with lenders in the last few days, although some issues remain pending.
"I anticipate the Troika will be in a position to come to Cyprus soon with the purpose of finalising the financial assistance programme."
A reform programme, especially for Greek exposed banks, being discussed contained some of the most significant changes since the inception of the Republic, Demetriades said.
Responding to criticism of delays over the search for consensus, Demetriades said: "It is vital these reforms have the legitimacy they deserve to have."
Government Spokesman Stefanos Stefanou saιd the Troika is expected to visit Cyprus next week, however the exact date has not yet been finalised.


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