05 December 2012 13:07

BRUSSELS - The Eurogroup discussed the recent Troika mission to Nicosia, and exchanged views on the building blocks of a macro-economic adjustment programme for Cyprus, during its meeting Monday.
In a statement after the meeting, President of the Eurogroup, Jean-Claude Juencker welcomed “the important first steps Cyprus is already taking to implement actions that have been agreed with the Troika (European Commission, European Central Bank, International Monetary Fund) in the draft Memorandum of Understanding, including fiscal consolidation measures”.
He added that the Eurogroup will discuss the interim results of the due diligence exercise on the capital needs of the financial sector and its implications for programme financing on December 13.
Asked if a decision would be taken that day he said either then or on January 21.
Finally, he called on Cyprus and the Troika to reach a conclusion on the proposed terms of a programme in order to reach agreement on an adjustment package in a timely manner.
EU Commissioner for Economic and Monetary Affairs and the Euro, Olli Rehn, said that good progress has been made in the discussions with the Cypriot authorities on a financial bailout. In statements after the Eurogroup meeting, Rehn said that “on Cyprus, good progress has been made in our discussions with the Cypriot authorities”, adding that the convergences reached on the policies to strengthen public finances, reform the finance system and enhance competitiveness “represent a necessary step towards an agreement on an economic reform programme”.
“I look forward to a timely conclusion of the remaining outstanding aspects once we have the results of the due diligence exercise on banks which is currently underway in Cyprus”, he concluded.



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