Brussels, 10/07/2012 (Agence Europe) - Agreement on the Cypriot memorandum is expected to be finalised in September, according to Eurogroup President Jean-Claude Juncker. In the Eurogroup statement, released after their meeting on Tuesday 10 July, eurozone finance ministers said they had noted that a “fully-fledged programme” was to be negotiated with Cyprus.
The “troika” - the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF) - were in Nicosia at the end of June to assess the island's budgetary and macroeconomic situation and evaluate the level of aid that it will need (see EUROPE 10648) and is expected back again on 16 July. Cyprus is also looking to obtain a loan from Russia to help its banking sector. (EL/transl.rt)